McConnaughay Reports

A communication from State Senator Karen McConnaughay:

Budget Negotiations Continue into New Fiscal Year

Though yesterday marked the end of the current fiscal year, I can report that good-faith, bipartisan budget negotiations are still taking place among both legislative leaders and rank-and-file lawmakers.

Karen McConnaughay

Our meetings have been largely productive and positive, and at this juncture, I believe my colleagues on both sides of the aisle are genuinely trying to reach a resolution.

It is clear that any solution will require give-and-take from lawmakers representing both parties, and so far I’ve seen my colleagues demonstrating their willingness to meet in the middle.

While I am concerned about Speaker Madigan’s decision not to call any legislation for a vote this weekend, at this point I remain hopeful that our positive dialogue will continue.

We must maintain the sense of urgency that has been driving these positive conversations forward.

It’s that positive momentum that will propel us toward an agreement on both a balanced budget, and the structural reforms that are critical to reinvigorating Illinois’ economy and maintaining fiscal stability for the future.


Comments

McConnaughay Reports — 7 Comments

  1. Whatever budget is passed will not put the state on a sustainable path for future years.

    Currently, the single biggest state fiscal problem is the $9,142,056,750 annual interest ($25,046,731 daily interest) on the $129,817,900,000 unfunded liability (assets at market value without asset smoothing) for for the 5 state pension funds (TRS, SERS, SURS, GARS, JRS) for fiscal year ending June 30, 2016.

    http://www.illinoispolicy.org/interest-on-illinois-pension-debt-is-9-1b-per-year

    +++++++++++

    How many people know the state accrues $25 million dollars of pension interest per day.

  2. Not so much a matter of how many people know, but how many people care.

    If they did they would not be voting for the Ponzi Party.

    New Jersey state government has just been shut down, Illinois will soon follow suit.

  3. Illinois as of June 30, 2017, has not had a budget for 2 full years.

    New Jersey as of yesterday July 1, 2017 was in its 1st day of no budget.

    The rules of what happens when a state does not have a budget vary by state.

    ++++++++++

    The amount of annual interest on the unfunded liability of a defined benefit pension plan in Illinois is rarely mentioned in the media.

    The interest is buried in the new unfunded liability that is announced annually.

  4. 2001 Was the last year Illinois had a balanced budget according to our comptroller. So, you are wrong, Mark.

  5. A budget has not been passed for 2 years.

    Prior to that, a budget was passed, they claim it was balanced, but it really was not balanced.

  6. I need more dates; going back to Andrew Jackson’s presidency at least. Tic, tock, tic, tock…

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