20 Comments - Sue - Thursday, Jun 9, 22 @ 8:57 am: This is great news. There had previously been times my checking account had more in it then the rainy day fund - DuPage Dad - Thursday, Jun 9, 22 @ 8:58 am: I don’t think the average person realizes how ridiculous the politics of and the state finances themselves were from about summer ‘15 to summer ‘17. - PublicServant - Thursday, Jun 9, 22 @ 9:04 am: Thanks, JB - Arsenal - Thursday, Jun 9, 22 @ 9:08 am: == I don’t think the average person realizes how ridiculous the politics of and the state finances themselves were from about summer ‘15 to summer ‘17.== Before that, too. Remember Pat Quinn introducing two budgets and telling the GA they had to choose? And then the GA said, “lol no we don’t”? Granted, things got worse under Rauner. - Steve - Thursday, Jun 9, 22 @ 9:18 am: -would never be noteworthy in most other states- A brutally true statement. - Dirty Red - Thursday, Jun 9, 22 @ 9:28 am: = I don’t think the average person realizes how ridiculous the politics of and the state finances themselves were from about summer ‘15 to summer ‘17. = They do not. It’s shocking how many who were in the gov’t at that time do not appreciate the horrors of those years. To that matter, people don’t get the lingering impact of fiscal ‘07, either. - supplied_demand - Thursday, Jun 9, 22 @ 9:28 am: From CBPP, historical target is 5% of budget should be held in reserves/rainy day fund. We have a ~$50 billion budget, so we “should” have about $2.5 billion in reserves. https://www.cbpp.org/research/state-budget-and-tax/states-should-improve-the-design-of-their-rainy-day-funds - AD - Thursday, Jun 9, 22 @ 9:37 am: No doubt that this is a step in the right direction, but to put it in perspective, $750M is roughly what GRF spends in a week. The Government Finance Officers Association recommends a minimum of 2 months of revenues in reserves for General Funds. So, if we were to shrink it down to personal finance size, we’ve got $500 in a savings account, but we’re still living paycheck to paycheck. - Anyone Remember - Thursday, Jun 9, 22 @ 9:37 am: Even worse was the June 30, 2002 General Revenue Fund (0001) balance: $0.09. Page 11. https://illinoiscomptroller.gov/__media/sites/comptroller/Detailed%20Annual%202003.pdf - Annonin' - Thursday, Jun 9, 22 @ 9:44 am: Feelin’ drier already - MoralMinority - Thursday, Jun 9, 22 @ 9:45 am: Maybe this would be a good place for the so-called windfall from extra sales tax on gasoline to go. - JS Mill - Thursday, Jun 9, 22 @ 9:54 am: =Maybe this would be a good place for the so-called windfall from extra sales tax on gasoline to go.= I believe that is prohibited by the “lockbox amendment”. You would also get huge pushback from business and labor interests. - thisjustinagain - Thursday, Jun 9, 22 @ 10:05 am: Better to keep that money in the RDF than put it to the pension deficit at this point. And must compliment the artist who did the RDF Piggy in the raincoat for the Comptroller’s post; much better than Squeezy ™. - JP Altgeld - Thursday, Jun 9, 22 @ 10:22 am: Love the bucket hat on the pig. This state needs more bucket hats. - Shibboleth - Thursday, Jun 9, 22 @ 10:35 am: I wonder if a motion to add $250 million per year to the fund could get bipartisan support in budget negotiations? Seems like something we’d want to consistently invest in. - Wading in... - Thursday, Jun 9, 22 @ 10:42 am: ===”This is terrible news, an obvious example of State government run amok.”=== The Illinois Republican Party. Only… the Illinois Republican Party. - It's all Good - Thursday, Jun 9, 22 @ 11:03 am: =Maybe this would be a good place for the so-called windfall from extra sales tax on gasoline to go.= I believe that is prohibited by the “lockbox amendment”. You would also get huge pushback from business and labor interests. Thinking fuel sales tax goes in to the General Fund trough. - Pundent - Thursday, Jun 9, 22 @ 11:24 am: =I don’t think the average person realizes how ridiculous the politics of and the state finances themselves were from about summer ‘15 to summer ‘17.= Well it’s Mendoza’s and Pritzker’s job to remind them. And in 2018 these issues were understood enough by the average voter for Bruce Rauner to lose by an historic margin. If Richard Irvin is the GOP candidate it will be the Dem’s responsibility to connect the dots to the last administration and Ken Griffin’s role in causing chaos within the state. - Wading in... - Thursday, Jun 9, 22 @ 11:46 am: ===”If Richard Irvin is the GOP candidate it will be the Dem’s responsibility to connect the dots to the last administration…”=== Irvin having one of Rauner’s biggest cheerleaders as his running mate stands to make that job easier, if need be. - Soccermom - Thursday, Jun 9, 22 @ 11:52 am: Shibboleth — it’s really hard to get legislators to vote for taking people’s money and then not using it. It’s fiscally responsible but politically difficult. Sorry, comments for this post are now closed.