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* Speaker Madigan states an obvious point that few are talking about…
Democratic House Speaker Michael Madigan warned Tuesday that Illinois’ much-hyped public works program may run out of money before all of the promised construction projects can be completed.
Making a rare public speaking appearance Tuesday at Elmhurst College, Madigan said the main problem is the state has yet to launch video gambling at bars, restaurants and truck stops. That was a key funding source for the $31 billion building program Gov. Pat Quinn signed into law in 2009. […]
Spokeswoman Kelly Kraft said there is enough money to “continue the program into the foreseeable future” and added the administration has been careful to balance issuing bonds to pay for projects with available funds. […]
Madigan said he would support putting more money into the construction fund, but posed a familiar question amid the state’s ongoing budget woes: “Where do you find the money to pay for it?
The Gaming Board hates it when I say this, but they’ve dragged their feet on video gaming and that’s definitely had an impact on how much money the state can spend on capital projects. Illinois’ capital bill was by far the largest in the nation, but it’s not working as initially advertised because the video gaming law has not been put into action by the Gaming Board. Yes, there are some reasons for this. But, c’mon, guys, it’s the law of the land and it needs to be put into place.
* And speaking of gaming, Madigan was less than optimistic about the prospects for gaming expansion this spring…
Gov. Pat Quinn has voiced strong opposition to plans that would allow slot machines at Illinois racetracks, a key component to a gambling expansion plan that stalled in the legislature last year because of the governor’s opposition.
In addition, some lawmakers have questioned Chicago’s desire for a city-owned casino license.
“You’d have a two-tiered system,” Madigan said during a government forum at Elmhurst College. “You’d have the existing casinos and then you’d have a different arrangement for the Chicago casino, because it would be owned by the government. A real tough issue and I don’t know what the end of it will be. I just don’t know.”
posted by Rich Miller
Wednesday, Jan 25, 12 @ 1:34 pm
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The Outfit has a real friend in the gaming board. They continue to take the skim off illegal machines all over the state, every day. It’s their bread and butter.
Comment by wordslinger Wednesday, Jan 25, 12 @ 1:52 pm
The leaders should dump the whole slots in every corner bar and replace that money with slots at the tracks.
Comment by NotRMiller Wednesday, Jan 25, 12 @ 1:59 pm
I say make it legal. I live next to a bar and I want more of a payout.
Comment by Anonymous Wednesday, Jan 25, 12 @ 2:27 pm
Video gambling, another tax on the poor.
Slots at the horse tracks, a subsidy for a place people no longer want to go to.
Comment by Left Out Wednesday, Jan 25, 12 @ 2:28 pm
===Video gambling, another tax on the poor. ===
More bumper sticker slogans from Left Out. Final warning.
Also, taxes, by very definition, are compulsory. So your sloganeering is not only grating, but false.
Comment by Rich Miller Wednesday, Jan 25, 12 @ 2:30 pm
“Foreseeable future?” I never know what that means. I mean, I’m not entirely sure what I’m having for dinner…
Comment by soccermom Wednesday, Jan 25, 12 @ 2:37 pm
Maybe the State shouldn’t have started spending money on the Capital projects till we had some assurance that the revenues were going to come in.
It seemed unlikely from the beginning that the revenue projected would ever be enough to satisfy the capital spending plans.
I have yet to hear much of a reason why capital spending isn’t just placed in the regular budget so we get a more complete picture of Illinois finance in one place.
JBP
Comment by JP Wednesday, Jan 25, 12 @ 2:37 pm
===I have yet to hear much of a reason why capital spending isn’t just placed in the regular budget ===
Because it’s not operational spending. It’s capital spending. Ergo, two wholly different things.
Comment by Rich Miller Wednesday, Jan 25, 12 @ 2:41 pm
===Maybe the State shouldn’t have started spending money on the Capital projects till we had some assurance that the revenues were going to come in.===
And that shows a complete misunderstanding of what happened. The money for the projects already started is there. The problem is that other projects can’t be started because the money isn’t there.
Maybe you should consider taking a voluntary commenting time-out. I don’t have a lot of time to deal with elementary stuff like this.
Comment by Rich Miller Wednesday, Jan 25, 12 @ 2:43 pm
Seems backwards to me. Cash is cash. Have a full report to start out with including the capital spending, then a detailed report separating out the two. To get a complete picture, you have to join to two budget spreadsheets, which I am not convinced ever happens.
I think it just obscures the actual financial picutre. Throw in things like $200 Million for the hotel at McPier that is not on the operational budget (nor the capital bill) and it starts to add up.
JBP
Comment by JP Wednesday, Jan 25, 12 @ 2:45 pm
===To get a complete picture, you have to join to two budget spreadsheets, which I am not convinced ever happens.===
GRF spending on capital is indeed in the GRF budget.
Comment by Rich Miller Wednesday, Jan 25, 12 @ 2:53 pm
Madigan’s just not All-Seeing and All-Powerful, as some would have it.
Part of why he cannot tell the future is that he doesn’t simply determine the positions of his caucus, many times they push him — which is as it should be. And of course the GOP folks can be only slightly influenced by him.
Madigan is a smart and widely-informed man, who cares about Illinois. He should do more public speaking like this, so we know where he sees us going. He should be more open to the press; he sows what he reaps with them as they naturally emphasize the negatives in the absence of firm knowledge.
It would be nice to have a simple, accessible, monthly operating cash flow forecast, since that could be more informative than income statements and balance sheets, and could help us better forecast and manage our payables. But we must keep capital and operating reports separate, or cause more confusion than clarity.
Comment by mark walker Wednesday, Jan 25, 12 @ 4:02 pm
I love how people say that gambling is a tax on the poor. I go to the casino all the time, and its a pretty good cross-section of the general population. If only poor people gambled, the casinos would close in a few days.
I’ve been wondering about the city of Chicago wanting to own their casino. It seems that was a stumbling block when Daley was mayor and he demanded that the city own the casino.
Comment by Stooges Wednesday, Jan 25, 12 @ 4:25 pm
JP, have you ever read a state budget book?
there’s the all funds budget, the operating budget, the GRF budget. It’s all there if you know how to read it.
Comment by Michelle Flaherty Wednesday, Jan 25, 12 @ 5:08 pm
Yes, I have, and just read the budget again to refresh my memory.
Strikes me as poorly laid out, but you are correct it is all there, if you can join up a bunch of different tables.
JBP
Comment by JP Wednesday, Jan 25, 12 @ 5:37 pm
As I recall, Cullerton said the same thing last year about this time. His suggestion was to increase taxes on cigarettes and eliminate video gaming.
Clearly, the anticipated taxes from video gaming will be impacted by the failure of Chicago to “opt-in” and the requirement by Quinn’s gaming principles for every other Illinois community to “opt-in”. There are roughly 1,300 towns / municipal governments in Illinois, how many ordinances and referenda will done by the third quarter of 2012?
Comment by bigdaddygeo Wednesday, Jan 25, 12 @ 6:40 pm
Is the black caucus weatherization slush fund still in the capital bill?
Comment by fraud raines Thursday, Jan 26, 12 @ 8:29 am