Caption contest!
Monday, Mar 28, 2022 - Posted by Rich Miller
* From Comptroller Mendoza’s latest Fiscal Focus publication..
Illinois faced revenue shortages during the onset of the COVID-19 pandemic. As revenues plummeted by more than $1.1 billion, Illinois did not have reserves to help fund emergency supplies, such as Personal Protective Equipment for the state’s public health response.
Illinois had to borrow from the Federal Reserve so medical bills could be paid to Illinois health-care providers fighting on the front lines of the pandemic. Borrowing was a last resort, given that Illinois didn’t have other options like a Rainy Day Fund to draw from.
With only about $60,000 in the state’s Rainy Day Fund at the time — which would cover less than 30 seconds worth of state operations — Illinois’ reserves were grossly inadequate in terms of providing the resources needed to properly address the public health crisis caused by the pandemic.
* Accompanying US map…
- Dance Band on the Titanic - Monday, Mar 28, 22 @ 2:21 pm:
Rainy days and Mondays always get me down
- Oswego Willy - Monday, Mar 28, 22 @ 2:22 pm:
“Sticks out like a sorry state”
- Demoralized - Monday, Mar 28, 22 @ 2:25 pm:
So I guess the fund name should be changed to the Rainy Second Fund?
- Keyrock - Monday, Mar 28, 22 @ 2:27 pm:
I thought Mississippi always wanted to be number 50. Where are they when we need them?
- Bruce( no not him) - Monday, Mar 28, 22 @ 2:28 pm:
==which would cover less than 30 seconds worth of state operations==
The real question is which 30 seconds?
- Michelle Flaherty - Monday, Mar 28, 22 @ 2:30 pm:
If the state knowingly takes in more money than it needs, it should give it back to taxpayers and let them spend it or save it.
- Franklin - Monday, Mar 28, 22 @ 2:31 pm:
Been a while since Illinois was red on a map.
- Kitty - Monday, Mar 28, 22 @ 2:34 pm:
The grass is greener on the other side!
- Candy Dogood - Monday, Mar 28, 22 @ 2:40 pm:
In order to build a “rainy day fund” the state which was forced to pay almost all of it’s bills late when it was managed by the Rauner administration who did not ever successfully pass a budget into law whose agency directors did not ask for cuts to their budgets even when there were not funds available would need to deliberately pay some bills late. Having an operating cushion is nice but we’ve only just recovered from operational spending that was months late. To build a 60 day cushion would mean needing to find 60 days worth of reserve funding somewhere and in our case this would mean paying things late and hoping we eventually got caught up again, or creating a budget with almost 2 months worth of extra revenues in it to build the fund up and then just let it sit there instead of paying doubt our debts.
The State of Illinois is basically check to check right now because Bruce Rauner internationally brought fiscal ruin to the state.
- Candy Dogood - Monday, Mar 28, 22 @ 2:46 pm:
My apologies, I got really distracted from the assignment.
“Where literal Nazis have run for office and become GOP nominees for congress.”
- Oswego Willy - Monday, Mar 28, 22 @ 2:50 pm:
As red as an insufficient funds notice.
- 47th Ward - Monday, Mar 28, 22 @ 2:51 pm:
Look at all those over-taxed Republican-led states, sitting on all that taxpayer money.
- Huh? - Monday, Mar 28, 22 @ 2:59 pm:
We’re number 1, We’re number 1….
- Streator Curmudgeon - Monday, Mar 28, 22 @ 3:23 pm:
“We’re as red as an apple.”
- Streator Curmudgeon - Monday, Mar 28, 22 @ 3:25 pm:
“And for this I’m paying $151 for a license plate sticker?”
- Streator Curmudgeon - Monday, Mar 28, 22 @ 3:28 pm:
Montana’s new motto: “Two prairie dogs in every pot.”
- Captain Obvious - Monday, Mar 28, 22 @ 3:29 pm:
What happens when Democrats have a supermajority for years and still blame past Republican governors for their fiscal incompetence.
- Demoralized - Monday, Mar 28, 22 @ 3:30 pm:
Captain Oblivious strikes again (exclamation point)
- Streator Curmudgeon - Monday, Mar 28, 22 @ 3:32 pm:
“Red alert, Will Robinson.”
- Oswego Willy - Monday, Mar 28, 22 @ 3:33 pm:
=== still blame past Republican governors===
… and yet it is governors like Edgar and Ryan whom signed budgets, and Rauner whom refused a budget for a whole GA… but you pretend it’s not a thing, lol
Obviously you have no idea that governors own.
- Anyone Remember - Monday, Mar 28, 22 @ 3:36 pm:
More detailed analysis would be appreciated. While the map shows CA is in the 1-2 month category, their Controller has statutory authority to borrow from special funds to address “timing issues” … . In IL, the Comptroller doesn’t (part of reason “fund sweeps” were created). More depth, please.
https://lao.ca.gov/Publications/Report/4266
- Streator Curmudgeon - Monday, Mar 28, 22 @ 3:37 pm:
“Better red than dead.”
(These aren’t as funny without exclamation points…)
- Streator Curmudgeon - Monday, Mar 28, 22 @ 3:38 pm:
“Boy, are our ledgers red.”
- Streator Curmudgeon - Monday, Mar 28, 22 @ 3:39 pm:
“It’s the New Red Green Show.”
- Henry Francis - Monday, Mar 28, 22 @ 4:00 pm:
Election year gimmicks. The only reason those western states appear to have larger rainy day funds is because they have been living in a drought for the last 7 years.
- Streator Curmudgeon - Monday, Mar 28, 22 @ 4:01 pm:
“Mr. Speaker, are you sure you won’t consider my bill requiring video gaming in every Illinois Porta-Potty?”
- Streator Curmudgeon - Monday, Mar 28, 22 @ 4:06 pm:
“And when I’m governor, I’ll stand up and get all those Pinkos out of our rainy day fund.”
- NonAFSCMEStateEmployeeFromChatham - Monday, Mar 28, 22 @ 4:45 pm:
It’s Not Easy Being In the Red
- Captain Obvious - Monday, Mar 28, 22 @ 6:49 pm:
Willy, Rauner is long gone. And even when he was there the Democrats held a veto proof majority and should have been able to pass a budget. Blame for no budgets lies at least equally with the recalcitrant 3 or so Democrats who would not support a veto override. Rauner absolutely owns his failures but Democrats were not powerless to prevent his budget failures. The fact that they did not has put us all alone in the red zone today.
- Captain Obvious - Monday, Mar 28, 22 @ 6:51 pm:
Demoralized - I stand broken and bloodied by your rapier wit.
- Corn Country - Monday, Mar 28, 22 @ 7:13 pm:
Thanks Mike Madigan for running Illinois into the ground.
Amazes me how our “All Star” governors from both parties (Blago, Quinn, Rauner, Ryan) get the blame and Madigan always gets a pass…
- Oswego Willy - Monday, Mar 28, 22 @ 7:18 pm:
=== Madigan always gets a pass…===
Governors own. Good or bad, governors own.
- zoomer - Tuesday, Mar 29, 22 @ 2:12 am:
“Sigh”.
Yes, that’s my caption.
- NonAFSCMEStateEmployeeFromChatham - Tuesday, Mar 29, 22 @ 7:32 am:
“Baby Step 1: A Baby Rainy Day fund of 1 days’ expenses.”