IGPA Fiscal Futures Project
The Fiscal Futures Project began in 2008 out of concern that the state of Illinois lacked sufficient capacity to project its fiscal demands and revenue streams into the future. A longer term perspective is needed because of: the structural deficit: state expenditures have been growing faster than revenues; the serious consequences of making policy choices while ignoring the impact on the budget in future year; the relentless pressure on future budgets from an aging population and continuing increases in the cost of health care.
The project team has created and annually updates an All-Funds budget for the state of Illinois. Historical budget data for over 700 state funds—not just the four General Funds—is grouped into a meaningful set of revenue and spending categories, consistently measured over time. Compared to the more commonly reported General Funds budget, the All-Funds budget is more inclusive and transparent. The project team has created and maintains a long-term budget projection model for the state of Illinois.
With the All-Funds budget and the budget projection model the Fiscal Futures Project is able to: provide a new level of budget coverage and transparency previously not seen in Illinois; provide legislators, public policy makers and the public with a picture of the future budget situation; stimulate the impact on future budgets of proposed policies and legislation, or different assumptions about economic trends.
(Institute of Government & Public Affairs, 2017-02-02)The downgrade of Illinois’s IDR and related ratings reflects the unprecedented failure of the state to enact a full budget for two consecutive years and the financial implications of spending far in excess of available ...