Illinois state budget and finances

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Illinois budget and finances
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General information
Budget calendar:
Annual
Fiscal year:
2017
State credit rating:
BBB (as of 2017)
Current governor:
Bruce Rauner
Financial figures
Total spending (state and federal funds):
$55,978,000,000 (estimated 2016)
Per capita spending:
$4,373 (estimated 2016)
Total state tax collections:
$38,907,220,000 (2016)
Per capita tax collections:
$3,039 (2016)
State debt:
$64,221,381,000 (2014)
Per capita state debt:
$5,002 (2014)
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State budget and finance pages • Total state expenditures • State debt • Tax policy in Illinois
Note: In comparing dollar amounts across the states, it is important to note that the cost of living can differ from state to state and within a state. The amounts given on this page have not been adjusted to reflect these differences. For more information on "regional price disparities" and the Consumer Price Index, see the U.S. Department of Commerce, Bureau of Economic Analysis. This article, which is updated on an annual basis, was last updated in June 2017. It contains information from several sources; consequently, the currency of the information can vary from source to source.
In Illinois, as in other states, lawmakers and public officials are elected in part to manage the state's finances. This includes generating revenues (money coming into the state from various sources) and approving expenditures (the money spent on governmental functions and servicing state debt). State budgets are complex and fluid, as they depend on anticipated revenues and planned expenditures, which may alter over the course of a fiscal year. If revenues do not keep pace with expenditures, states generally have to raise taxes, cut services, borrow money, or a combination of the three. State budget decisions are also influenced by policy decisions at the national level, such as the Affordable Care Act or energy and environmental regulations, and issues at the local level, such as crime and the quality of education.
HIGHLIGHTS
  • Between fiscal years 2015 and 2016, total government spending in Illinois decreased by approximately $7.5 billion—from $63.5 billion in fiscal year 2015 to an estimated $56.0 billion in 2016. This represents an 11.9-percent decrease.[1]
  • In Illinois in fiscal year 2015, 47.6 percent of total tax revenues came from sales taxes and gross receipts. Income taxes accounted for 44.1 percent of total state tax collections.
  • Education accounted for 17.4 percent of state expenditures in fiscal year 2015, while 27.1 percent went to Medicaid.

    • The Illinois state budget and financial data presented here come from different years because the states and the federal government report and publish information at different times. See the sections below for further information on the following topics:

    1. Definitions: This section defines the terms used in state budgets and on this page.
    2. Revenues: This section details the revenues of the state, as well as the sources of the revenues.
    3. Spending: This section details the expenditures of the state, in amounts as well as by type of spending.
    4. State debt: This section details the total outstanding debt in the state, as well as the debt per capita.
    5. Economic indicators: This section details various factors that are used to measure the health of the state's economy, such as poverty rate.
    6. Budget process: This section details the process involved in passing a state budget, as well as the agencies and groups that are involved in the process and a timeline of the process.
    7. Budget and finance ballot measures: This section lists ballot measures in the state relating to the state's budget and other financial matters.
    8. Budget and finance legislation: This section lists recent bills introduced by the state legislature relating to budget and finance matters.


    Definitions

    The following terms are used to describe a state's finances:

    • Revenues come mainly from tax collections, licensing fees, federal aid, and returns on investments.
    • Expenditures generally include spending on government salaries, infrastructure, education, public pensions, public assistance, corrections, Medicaid, and transportation.
    • State debt refers to the money borrowed to make up for a deficit when revenues do not cover spending.
    • The state credit rating is the grade given by a credit rating agency based on the general financial health of the state's government and economy.
    • State funds include general and other state-based funds. A general fund is "the predominant fund for financing a state's operations." Other state funds are "restricted by law for particular governmental functions or activities."[2]
    • Federal funds are "funds received directly from the federal government."[2]
    • Total spending is calculated by adding together the totals for state and federal funds used for expenditures.

    Revenues

    2016 revenues

    See also: State government tax collections by source

    The table below breaks down state government tax collections by source in 2016 (comparable figures from surrounding states are also provided to give additional context). Figures for all columns except "2016 population" and "Per capita collections" are rendered in thousands of dollars (for example, $2,448 translates to $2,448,000). Figures in the columns labeled "2016 population" and "Per capita collections" have not been abbreviated.[3]

    State tax collections by source ($ in thousands), 2016
    State Property taxes Sales and gross receipts Licenses Income taxes Other taxes Total 2016 population Per capita collections
    Illinois $60,814 $18,524,265 $2,745,949 $17,173,986 $402,206 $38,907,220 12,801,539 $3,039
    Indiana $10,699 $10,608,207 $714,634 $6,252,533 $1,885 $17,587,958 6,633,053 $2,652
    Missouri $30,892 $5,302,264 $547,326 $6,352,437 $12,250 $12,245,169 6,093,000 $2,010
    Wisconsin $170,537 $7,721,707 $1,151,656 $8,473,461 $90,372 $17,607,733 5,778,708 $3,047
    United States $18,364,298 $442,909,995 $52,164,396 $392,286,910 $24,538,146 $930,263,745 322,762,018 $2,882.20
    Source: U.S. Census Bureau, "2016 annual survey of state government tax collections by category," accessed June 26, 2017

    The table below lists 2016 tax collections by source as percentages of total collections. About 47.6 percent of Illinois' total state tax collections came from sales taxes and gross receipts.[3]

    State tax collections by source (as percentages), 2016
    State Property taxes Sales and gross receipts Licenses Income taxes Other taxes
    Illinois 0.2% 47.6% 7.1% 44.1% 1.0%
    Indiana 0.1% 60.3% 4.1% 35.6% 0.0%
    Missouri 0.3% 43.3% 4.5% 51.9% 0.1%
    Wisconsin 1.0% 43.9% 6.5% 48.1% 0.5%
    Source: U.S. Census Bureau, "2016 annual survey of state government tax collections by category," accessed April 4, 2016

    Federal aid to the state budget

    See also: Federal aid to state budgets

    State governments receive aid from the federal government to fund a variety of joint programs, mainly in the form of grants for such things as Medicaid, education, and transportation. In 2014, federal aid to the states accounted for roughly 31 percent of all state general revenues. Federal aid varies from state to state. For example, Mississippi received approximately $7.2 billion in federal aid in 2014, accounting for about 41 percent of the state's general revenues, the highest percentage of all of the states. By contrast, North Dakota received about $1.5 billion in federal aid in 2014, or just 17 percent of the state's general revenues, the lowest percentage in the nation.[4]

    The table below notes what share of Illinois’ general revenues came from the federal government in 2014. That year, Illinois received approximately $17.9 billion in federal aid, 26.5 percent of the state's general revenues. Taking into consideration the state's 2014 population, this came out to about $1,387 in federal aid per capita. Figures from surrounding states are provided for additional context.[4]

    Federal aid to state budgets, 2014
    State Total federal aid ($ in thousands) Federal aid as a % of general revenues Ranking (by % of general revenues) Est. 2014 population Aid per capita
    Illinois $17,851,826 26.5% 42 12,867,544 $1,387
    Indiana $10,974,721 33.0% 23 6,595,233 $1,664
    Missouri $10,128,483 38.0% 6 6,060,930 $1,671
    Wisconsin $9,015,403 27.8% 38 5,758,377 $1,566
    Sources: United States Census Bureau, "2014 State and Local Government Finances," accessed June 26, 2017
    Note: Per-capita figures were generated by Ballotpedia by dividing total federal aid for the state by the estimated population of that state in 2014.

    Spending

    Estimated 2016 expenditures

    See also: Total state expenditures

    The table below breaks down estimated spending totals for fiscal year 2016 (comparable figures from surrounding states are included to provide additional context). Figures for all columns except "Population” and “Per capita spending" are rendered in millions of dollars (for example, $2,448 translates to $2,448,000,000). Figures in the columns labeled "Population” and “Per capita spending" have not been abbreviated.[5]

    The total estimated government spending in Illinois in fiscal year 2016 was $56.0 billion.

    Total estimated state spending, FY 2016 ($ in millions)
    State State funds Federal funds Total spending Population Per capita spending
    Illinois $39,168 $16,810 $55,978 12,801,539 $4,373
    Indiana $18,958 $12,448 $31,406 6,633,053 $4,735
    Missouri $16,951 $7,677 $24,628 6,093,000 $4,042
    Wisconsin $34,874 $10,796 $45,670 5,778,708 $7,903
    Per-capita figures are calculated by taking the state's total spending and dividing by the number of state residents according to United States Census Bureau estimates.
    Source: National Association of State Budget Officers, "State Expenditure Report (Fiscal 2014-2016)," accessed June 26, 2017

    Spending by function

    See also: State spending by function as a percent of total expenditures

    State spending in Illinois can be further broken down by function (elementary and secondary education, public assistance, etc.). Fiscal year 2015 information is included in the table below (information from neighboring states is provided for additional context). Figures are rendered as percentages, indicating the share of the total budget spent per category.[5]

    In fiscal year 2015, other spending accounted for 43.7 percent of Illinois' total expenditures.

    State spending by function as a percent of total expenditures, FY 2015
    State K-12 education Higher education Public assistance Medicaid Corrections Trans-
    portation     		Other
    Illinois 14.0% 3.4% 0.3% 27.1% 2.4% 9.0% 43.7%
    Indiana 30.0% 6.6% 1.4% 31.2% 2.6% 5.3% 22.7%
    Missouri 22.9% 4.8% 0.6% 36.1% 2.8% 8.2% 24.5%
    Wisconsin 16.0% 14.5% 0.3% 19.3% 2.7% 6.3% 40.8%
    Source: National Association of State Budget Officers
    Note: "Other" expenditures include "Children's Health Insurance Program (CHIP), institutional and community care for the mentally ill and developmentally disabled, public health programs, employer contributions to pensions and health benefits, economic development, environmental projects, state police, parks and recreation, housing and general aid to local governments."[5]

    Spending trends

    The table below details the spending trends in Illinois in previous years. Figures are rendered as percentages, indicating the share of the total budget spent per category.[1][6][7]

    Spending by function from 2010 to 2015 (as percentages)
    Year K-12 education Higher education Public assistance Medicaid Corrections Transportation Other
    2015 14.0% 3.4% 0.3% 27.1% 2.4% 9.0% 43.7%
    2014 14.6% 4.1% 0.3% 26.1% 2.4% 9.3% 43.1%
    2013 13.3% 3.7% 0.3% 23.8% 2.1% 8.4% 48.4%
    2012 15.8% 5.5% 0.1% 19.7% 2.2% 8.5% 48.1%
    2011 18.9% 5.6% 1.0% 32.9% 2.9% 11.4% 27.4%
    2010 18.2% 4.5% 0.2% 23.6% 2.0% 8.1% 43.3%
    Source: National Association of State Budget Officers
    Note: "Other" expenditures include "Children's Health Insurance Program (CHIP), institutional and community care for the mentally ill and developmentally disabled, public health programs, employer contributions to pensions and health benefits, economic development, environmental projects, state police, parks and recreation, housing and general aid to local governments."[5]

    State debt

    See also: Illinois state debt

    State debt refers to any debt owned by a state government. Debt may include any financial obligations a state has that have not been paid, such as bonds issued by state governments, money borrowed by a state government that has not been repaid, or post-retirement benefits promised to state employees. According to the U.S. Census Bureau, Illinois had a debt of $64,221,381,000 in fiscal year 2015. The state debt per capita was $5,002. This ranked Illinois fifth in states for debt and 11th in per capita debt. The total state debt owned by the 50 states was $1.15 trillion with a per capita debt of $3,582.[8]

    Economic indicators

    See also: Economic indicators by state
    Illinois' GDP increased by 1.2 percent in 2014. Click the image to view a larger version.

    Broadly defined, a healthy economy is typically one that has a "stable and strong rate of economic growth" (gross state product, in this case) and low unemployment, among many other factors. The economic health of a state can significantly affect its healthcare costs, insurance coverage, access to care, and citizens' physical and mental health. For instance, during economic downturns, employers may reduce insurance coverage for employees, while those who are laid off may lose coverage altogether. Individuals also tend to spend less on non-urgent care or postpone visits to the doctor when times are hard. These changes in turn may affect the decisions made by policymakers as they react to shifts in the industry. Additionally, a person's socioeconomic status has profound effects on their access to care and the quality of care received.[9][10][11]

    In September 2014, Illinois had an unemployment rate of 6.6 percent, higher than any of its neighboring states. Most residents in Illinois earned incomes at least 400 percent above the federal poverty level, with a median annual household income of $54,083.[12][13][14][15]

    Note: Gross state product (GSP) on its own is not necessarily an indicator of economic health; GSP may also be influenced by state population size. Many factors must be looked at together to assess state economic health.

    Various economic indicators by state
    State Distribution of population by FPL* (2013) Median annual income (2011-2013) Unemployment rate Total GSP (2013)†
    Under 100% 100-199% 200-399% 400%+ Sept. 2013 Sept. 2014
    Illinois 13% 17% 31% 39% $54,083 9.1% 6.6% $720,692
    Indiana 12% 23% 31% 35% $48,178 7.3% 5.7% $317,102
    Iowa 11% 18% 35% 36% $53,364 4.5% 4.6% $165,767
    Wisconsin 11% 15% 31% 42% $54,205 6.6% 5.5% $282,486
    United States 15% 19% 30% 36% $52,047 7.2% 5.9% $16,701,415
    * Federal Poverty Level. "The U.S. Census Bureau's poverty threshold for a family with two adults and one child was $18,751 in 2013. This is the official measurement of poverty used by the Federal Government."
    † Median annual household income, 2011-2013.
    ‡ In millions of current dollars. "Gross State Product is a measurement of a state's output; it is the sum of value added from all industries in the state."
    Source: The Henry J. Kaiser Family Foundation, "State Health Facts"


    Budget process

    State documents and agencies
    Below are links to official Illinois budget and financial documents. The first is the state's Comprehensive Annual Financial Report (CAFR). A CAFR is a detailed presentation of a government entity's financial condition. This includes fiscal activities and balances for a fiscal year. The second link is to the state's relevant budget agency or office.

    Illinois operates on an annual budget cycle. The sequence of key events in the budget process is as follows:[16][17]

    1. In September of the year preceding the start of the new fiscal year, the governor sends budget instructions to state agencies.
    2. In October and November, agencies submit their budget requests to the governor.
    3. Agency hearings are held in November and December.
    4. Budget hearings with the public are held from February through May.
    5. On the third Wednesday in February, the governor submits his or her proposed budget to the Illinois State Legislature.
    6. The State Legislature passes a budget in May.

    Illinois is one of 44 states in which the governor has line item veto authority.[17]

    The governor is constitutionally required to submit a balanced budget. In turn, the legislature must pass a balanced budget, and the budget must be balanced in order for the governor to sign it into law.[17]

    Agencies, offices and committees

    The following standing committees in the Illinois General Assembly deal with budget and finance matters:

    1. Appropriations I Committee, Illinois State Senate
    2. Appropriations II Committee, Illinois State Senate
    3. Appropriations-Elementary & Secondary Education Committee, Illinois House of Representatives
    4. Appropriations-General Service Committee, Illinois House of Representatives
    5. Appropriations-Higher Education Committee, Illinois House of Representatives
    6. Appropriations-Human Services Committee, Illinois House of Representatives
    7. Appropriations-Public Safety Committee, Illinois House of Representatives
    8. Revenue & Finance Committee, Illinois House of Representatives

    The Illinois Treasurer is the state's chief financial officer and is responsible for overseeing the state's funds, managing investments and disbursing monies. The treasurer is elected every four years and is a partisan position.

    The Illinois Comptroller maintains the state's fiscal accounts and oversees withdrawals from and deposits into the state's accounts. The comptroller is elected every four years and is a partisan position.

    Public Interest Research Group 2016 report

    The U.S. Public Interest Research Group, a consumer-focused nonprofit organization based in Washington, D.C., released its annual report on state transparency websites in April 2016. The report, entitled "Following the Money," measured how transparent and accountable state websites were with regard to state government spending. According to the report, Illinois received a grade of A- and a numerical score of 93, indicating that Illinois was "Leading" in terms of transparency regarding state spending.[18]

    Noteworthy events

    Credit rating downgrade

    On June 1, 2017, Stanford and Poor's Global Inc. and Moody’s Investors Service, credit rating agencies, downgraded Illinois’ credit rating. S&P also said that it might downgrade the state's credit rating further if the state failed to adopt a budget. The downgrade placed the state’s credit rating at one step above a junk rating (a low rating which indicates the state is a high risk investment). At the time of the downgrade, the state had not passed a budget in two years due to disagreements between the Democratic state legislature and Republican Governor Bruce Rauner. According to S&P analyst Gabriel Petek, “the rating actions largely reflect the severe deterioration of Illinois' fiscal condition, a byproduct of its stalemated budget negotiations, now approaching the start of a third fiscal year.” Prior to this downgrade, Illinois' credit rating was the lowest in the country. If downgraded again, Illinois would become the first state to receive a junk rating from a credit agency.[19]

    On July 6, 2017, the Illinois General Assembly passed a $36 spending plan and $5 billion tax increase. The legislature overrode Rauner's veto to pass the budget, which ended the two-year budget impasse. Moody's Investors Service said they may downgrade Illinois' rating despite the budget. On July 5, after the state Senate voted to override the veto, Moody's wrote that, "so far, the plan appears to lack concrete measures that will materially improve Illinois' long-term capacity to address its unfunded pension liabilities." S&P, in response to the budget passing, removed the state from its credit watch for a potential downgrade.[20][21]

    2017 budget

    • In 2017, disagreements between Governor Bruce Rauner (R) and the Democratic-controlled Illinois General Assembly over the state budget drew national attention when S&P Global Inc. and Moody’s Investors Service downgraded Illinois' credit rating to one notch above junk status and some government services, including transportation projects and the state lottery, were on the verge of being shutdown.[22][23] Rauner and the legislature failed to come to an agreement on a budget during the regular session, which ended on May 31, leading Rauner to call a special session from June 21 to June 30, the last day of the 2017 fiscal year. A budget agreement was not reached before June 30, meaning Illinois entered the 2018 fiscal year without a budget.
    • A budget was passed on July 6, 2017, when the legislature overrode Rauner's vetoes of a $36 billion spending plan and a $5 billion tax increase. Up to this point, Illinois had not passed a budget since 2014, when Pat Quinn (D) served as governor. According to The Associated Press, two years was the longest any state had gone without a budget in recent memory.[24]
    • Important issues surrounding the budget debate included differences in Democratic and Republican plans concerning income tax rate increases, a property tax freeze, changes to regulations related to injured worker compensation, and the state's pension liabilities. The budget deal that eventually passed increased the personal income tax rate from 3.75 to 4.95 percent, increased the corporate tax rate from 5.25 to 7 percent, and left overall spending at $36 billion for fiscal year 2018.[25]
    • The budget had an impact beyond the state, costing Wisconsin millions from its state budget. This was because, as of July 2017, Illinois and Wisconsin had a reciprocity agreement to account for the greater number of Wisconsinites that cross the state border to work in Illinois, but not pay state income taxes, than Illinoisans who came to work in Wisconsin. With higher incomes taxes in Illinois, Wisconsin's reciprocity payment increased.[26]
    • Coverage of the budget negotiations centered on the relationship between Rauner and Speaker of the House Michael Madigan (D).[27] As of July 6, 2017, Rauner was seeking re-election as governor in 2018 and Madigan was defending the Democrats' 67-51 majority in the state House. Rauner and Madigan disagreed on a number of issues including whether the income tax increases should have been permanent.[28]

    Education funding

    • $8.2 billion in state aid for public schools was included in the budget agreement. However, language was also included that said $6.76 billion of the aid had to be dispersed through an evidence-based school funding formula that was not in place prior to the budget agreement.[29] An evidence-based funding formula allocates state aid to school districts based on elements such as income, property values, and enrollment.[30]
    • On May 31, the Legislature passed SB 1, which contained an evidence-based funding formula. Gov. Rauner indicated that he would veto the bill, causing Senate President John Cullerton (D) to hold it in the chamber.[31] According to Rauner's office, the governor would not support the bill because he believed it would benefit Chicago at the expense of other areas of the state.[32]
    • On July 24, Rauner called the General Assembly into a special session starting July 26 to address education funding. He had set a deadline of 12:00pm CT on July 24 for Cullerton to send him SB 1 so that he could use his amendatory veto power to make unspecified changes to the provisions he disagreed with. When the deadline passed without Cullerton sending him the bill, he called the special session.[33] On July 31, the last day of the special session, SB 1 was transmitted to Rauner.[34]
    • Rauner issued an amendatory veto on August 1, rewriting SB 1 to remove a $250 million block grant to Chicago Public Schools and changing how the funding formula weights Chicago schools' pension funds.[35] The Illinois Senate met on August 13 and overrode the veto by a 38-19 vote, with all Democrats and Republican Sam McCann voting to override.[36] The Illinois House is scheduled to convene on August 16 to address Rauner's veto.[37]
    • According to The Chicago Sun-Times, some schools in low-income areas cannot remain open without the state money that is allocated by the budget.[30] In addition to the state aid in the budget, education funding in Illinois also comes from property taxes levied by local governments. Areas that pay more in property taxes can spend more on schools and are less dependent on state aid.[38]

    Budget and finance ballot measures

    Voting on state and local government budgets, spending, and finance
    State finance.jpg
    Policy
    Budget policy
    Ballot measures
    By state
    By year
    Not on ballot
    See also: Spending and finance on the ballot and List of Illinois ballot measures

    Ballotpedia has tracked the following ballot measures relating to state and local budget and financial matters in Illinois.

    1. Illinois Transportation Taxes and Fees Lockbox Amendment (2016)

    Budget and finance legislation

    The following is a list of recent budget and finance bills that have been introduced in or passed by the Illinois state legislature. To learn more about each of these bills, click the bill title. This information is provided by BillTrack50 and LegiScan.

    Note: Due to the nature of the sorting process used to generate this list, some results may not be relevant to the topic. If no bills are displayed below, no legislation pertaining to this topic has been introduced in the legislature recently.

    Recent news

    The link below is to the most recent stories in a Google news search for the terms Illinois budget. These results are automatically generated from Google. Ballotpedia does not curate or endorse these articles; they are included to provide readers with the most recent news articles on the subject. Click here to learn more about this section.

    Illinois state budget and finances - Google News Feed

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    Contact information

    Office of Management and Budget
    401 South Spring
    603 Stratton Building
    Springfield, Illinois 62706
    Email: GOMB@illinois.gov
    Phone: 217-782-4520
    Fax: 217-524-4876

    See also

    External links

    Additional reading

    Footnotes

    1. ↑ 1.0 1.1 National Association of State Budget Officers, "State Expenditure Report (Fiscal 2014-2016)," accessed June 26, 2017
    2. ↑ 2.0 2.1 National Association of State Budget Officers, "State Expenditure Report: 2013-2015," accessed April 7, 2016
    3. ↑ 3.0 3.1 U.S. Census Bureau, "2016 annual survey of state government tax collections by category," accessed June 26, 2017
    4. ↑ 4.0 4.1 United States Census Bureau, "2014 State and Local Government Finances," accessed June 26, 2017
    5. ↑ 5.0 5.1 5.2 5.3 National Association of State Budget Officers, "Summaries of Fiscal Year 2015 Proposed and Enacted Budgets," July 11, 2014
    6. ↑ National Association of State Budget Officers, "State Expenditure Report, 2009-2011," accessed February 24, 2014
    7. ↑ National Association of State Budget Officers, "State Expenditures Report, 2010-2012," accessed February 24, 2014
    8. ↑ United States Census Bureau, "State Government Finances," accessed June 4, 2017
    9. ↑ Academy Health, "Impact of the Economy on Health Care," August 2009
    10. ↑ The Conversation, "Budget explainer: What do key economic indicators tell us about the state of the economy?" May 6, 2015
    11. ↑ Health Affairs, "Socioeconomic Disparities In Health: Pathways And Policies," accessed July 13, 2015
    12. ↑ The Henry J. Kaiser Family Foundation, "Distribution of Total Population by Federal Poverty Level," accessed July 17, 2015
    13. ↑ The Henry J. Kaiser Family Foundation, "Median Annual Household Income," accessed July 17, 2015
    14. ↑ The Henry J. Kaiser Family Foundation, "Unemployment Rate (Seasonally Adjusted)," accessed July 17, 2015
    15. ↑ The Henry J. Kaiser Family Foundation, "Total Gross State Product (GSP) (millions of current dollars)," accessed July 17, 2015
    16. ↑ National Conference of State Legislatures, "State Experiences with Annual and Biennial Budgeting," accessed April 2011
    17. ↑ 17.0 17.1 17.2 National Association of State Budget Officers, "Budget Processes in the States, Summer 2008," accessed February 21, 2014
    18. ↑ U.S. Public Interest Research Group, "Following the Money 2016 Report," accessed June 29, 2017
    19. ↑ Reuters, "In Illinois, partisan politics send budget battle into overtime," June 1, 2017
    20. ↑ CNN, "Illinois may get downgraded to junk despite budget deal," July 6, 2017
    21. ↑ Chicago Tribune, "S&P moves Illinois' credit away from junk status with tax hike, budget in place," July 12, 2017
    22. ↑ Reuters, "S&P cuts Illinois' credit rating to one notch above junk," June 1, 2017
    23. ↑ NBC Chicago, "What Happens If Illinois Lawmakers Don't Pass a Budget?" June 28, 2017
    24. ↑ U.S. News and World Report, "Illinois Senate Democrats Vote for $5.4 Billion Tax Increase," May 23, 2017
    25. ↑ Chicago Tribune, "Illinois Senate votes to override Rauner veto of income tax hike, budget," July 4, 2017
    26. ↑ Milwaukee Journal Sentinel, "Wisconsin's state budget takes $51 million hit — thanks to Illinois," July 11, 2017
    27. ↑ Politico, "Illinois lawmakers face budget rage," July 5, 2017
    28. ↑ Chicago Tribune, "Madigan sends Rauner message on tax hike vote as talks break down at Capitol," July 1, 2017
    29. ↑ Daily Herald, "Schools still waiting to see if they'll get money from state," July 12, 2017
    30. ↑ 30.0 30.1 The Chicago Sun-Times, "Illinois has state budget, but no school funding plan," July 16, 2017
    31. ↑ Chicago Tribune, "Rauner-CPS feud could hold up school money for rest of state," July 13, 2017
    32. ↑ U.S. News and World Report, "Rauner Aide: Democrats' School Funding Plan a CPS 'Bailout'," May 17, 2017
    33. ↑ U.S. News and World Report, "The Latest: Gov. Rauner Calls School-Funding Special Session," July 24, 2017
    34. ↑ Chicago Tribune, "Next move is Rauner's after Senate sends him school funding bill," July 31, 2017
    35. ↑ Chicago Tribune, "Rauner vetoes education funding plan, Emanuel accuses him of 'fuzzy math'," August 1, 2017
    36. ↑ Chicago Tribune, "Senate overrides Rauner school funding veto, but House hurdle remains," August 13, 2017
    37. ↑ The Chicago Sun-Times, "Speaker Madigan calls legislators to work — on Governor’s Day," August 9, 2017
    38. ↑ NPR, "Why America's Schools Have A Money Problem," April 18, 2016
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