illinois deficit

Illinois faces a $9 billion operating deficit in fiscal year 2016, according to a report from the Fiscal Futures Project of the University of Illinois Institute of Government and Public Affairs. The report asserts that the depth of the problem in state finances has been hidden for years by accounting tricks and avoidance of difficult decisions, namely “pay-later budgeting”, or spending more than could be supported by sustainable sources of revenue. The report estimates that the state’s annual deficit will grow to $14 billion by FY 2026.