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* AP…
States across the U.S. are allocating hundreds of millions of dollars to respond to the coronavirus, even as the U.S. government prepares to send billions more their way.
Many states have built up sizable stockpiles in their “rainy day” funds during several robust years of tax collections. Some governors and state lawmakers now are tapping into those savings for emergency expenses. Others are looking to set aside even more in reserve, fearing the economic uncertainties stemming from the coronavirus could send tax revenues into a tailspin.
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“It definitely has the potential to have a significant impact on state budgets — both on the spending and revenue side,” said Brian Sigritz, director of state fiscal studies at the National Association of State Budget Officers.
“One positive, if you want to use that word, is that this is coming after a period where states have seen strong revenue growth for the past couple of years … and have been able to increase the size of their rainy day funds and reserves,” Sigritz added.
I CANNOT STOP LAUGHING!
Illinois’ rainy day fund is like a dollar forty-seven.
Man… It’s… It’s gonna be bad… So bad… So, so bad.
posted by Rich Miller
Monday, Mar 16, 20 @ 9:10 am
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BFC is somewhere right now thinking… I told ya’ll that lockbox on the roadfund was a bad idea.
Comment by Centennial Monday, Mar 16, 20 @ 9:19 am
rich miller’s been jokerfied, folks. he’s turned into the dang joker.
Comment by Homer J. Quinn Monday, Mar 16, 20 @ 9:27 am
OMB assessment of Rainy Day Fund: https://youtu.be/xi22Vkie7EM
Comment by NIU Grad Monday, Mar 16, 20 @ 9:30 am
If Illinois had to use its rainy day fund, starting at 8am today, by 8:17am they’d become Wimpy from Popeye fame.
I’m giving Illinois 15 minutes credit before vendors realize the situation too.
Comment by Oswego Willy Monday, Mar 16, 20 @ 9:30 am
The American people are strong and resilient
. This country has faced adversity before, WW II, Vietnam, oil crisis, swine flu epidemic, 911. DO NOT sell us short, when all one worries about is dollars and cents and who can make political hay off of the woes of the country it shows how materialist they are. we deserve a better dialogue than this negativity that the sky is falling. I checked this morning the sky is still where it was last year and God is still in heaven.
Comment by the old man Monday, Mar 16, 20 @ 9:33 am
Should’ve listened to then Comptroller Dan Hynes.
https://thesouthern.com/news/local/hynes-comptroller-pushes-for-rainy-day-fund-to-have-billion/article_be868e60-ac9f-5352-a96e-9d8f1f6dae54.html
Comment by Clover Monday, Mar 16, 20 @ 9:33 am
Another reminder that the Rainy Day Fund does not add revenue: It’s only a transfer from one fund to another and then back to the original fund.
Comment by Bertrum Cates Monday, Mar 16, 20 @ 9:38 am
===negativity that the sky is falling===
As i type this, the Dow Jones is down 1,955 points.
It’s not that the “almighty dollar” is worried, it’s folks worried the leadership is not there to help the country through the crisis.
That still has zero to do with Illinois not have 4 nickels to rub together in a rainy day fund.
Comment by Oswego Willy Monday, Mar 16, 20 @ 9:38 am
==Decades of misfeasance and malfeasance have left the state with zero cushion to handle the coming blows.==
Even if Illinois, historically, had a Rainy Day Fund, the Rauner years would have drained it dry.
Comment by Anyone Remember Monday, Mar 16, 20 @ 9:40 am
Wow there is that much. With that, and the change in my armrest, we could get a couple McDoubles. Let the good times roll.
Comment by Ducky LaMoore Monday, Mar 16, 20 @ 9:42 am
Ducky move quickly they all close tomorrow
Comment by Yep Monday, Mar 16, 20 @ 9:58 am
Not a single state will be able to make due with just a rainy day fund.
Comment by Ok Monday, Mar 16, 20 @ 10:16 am
@Yep -
There’s always the drive-through.
Comment by JoanP Monday, Mar 16, 20 @ 10:22 am
It’s actually more than $1 million, Ducky, as long as we’re keeping score, so plenty of McDoubles for you. And it has been getting cannabis revenue, which while not a lot, is revenue that wasn’t there previously. Regardless, thanks to the Rauner years, as Anyone points out, the fund would have been zapped so at this point it would have virtually zero anyway.
Comment by John Deere Green Monday, Mar 16, 20 @ 10:24 am
If this is our rainy day, we need an ark.
Comment by Last Bull Moose Monday, Mar 16, 20 @ 10:35 am
Cheer up people. This is the perfect excuse for a pension funding holiday.
Comment by Al Monday, Mar 16, 20 @ 10:45 am
==like a dollar forty-seven==
JB: can we tax that? /s
Comment by Vote Quimby Monday, Mar 16, 20 @ 10:52 am
=== For example, if O’Hare needed more space for processing of international returning citizens, etc. - then the locals…===
(Sigh)
Airports are under federal authority.
The issue was the influx was under pressure due in large part of a lack of staffing, as indicated by both the White House and local authorities.
So…
Comment by Oswego Willy Monday, Mar 16, 20 @ 11:13 am
===== For example, if O’Hare needed more space for processing of international returning citizens, etc. - then the locals…===
Except that this was set up by three federal agencies CPB, TSA, and CDC. Read the first person accounts and understand that disaster response is often local, but specific places are under federal control.
Comment by Archpundit Monday, Mar 16, 20 @ 11:27 am
The Rainy Day Fund is at $1.2 million, which would fund state operations for less than 5 minutes. https://illinoiscomptroller.gov/news/press-releases/senate-commitee-approves-mendozas-plan-to-shore-up-illinois-rainy-day-fund/
Comment by Abdon Monday, Mar 16, 20 @ 11:55 am
- Abdon -
The state could fool some folks for a whole 10 minutes…
Comment by Oswego Willy Monday, Mar 16, 20 @ 12:02 pm
Those celebrating the deficit spending and tax and spendthrift budgets of Mike Madigan most in the past 20 years are crying the loudest.
Comment by the Patriot Monday, Mar 16, 20 @ 12:36 pm
=== Those celebrating the deficit spending…===
Stop it.
The state had NO budget for 2 years due to Raunerites.
Social services closed, so keep up, stop being partisan right now, and realize this is nothing seen in a long time.
Comment by Oswego Willy Monday, Mar 16, 20 @ 12:40 pm
=== how biased is that?===
Get over yourself.
=== you don’t know what you’re talking about. The FAA and TSA have regulations and employees - but airports are run and operated by the City===
No. Keep up.
The White House admitted their own deficiencies. The lack of operatives to screen, the poor implementation.
If you recall, when screeners were slow at Midway when Obama was President it was the feds who needed to step up, not Chicago.
=== then locals emergency responders and others can assist, explain, provide waiting rooms, refreshments, etc.===
No.
They are not in the hospitality business, it’s the safety business. The feds were grossly ill-prepared, it’s on their watch, and they did not authorize others to screen, and they shouldn’t need to, it’s a fed issue.
I know you want milk and cookies and “host and hostess” folks to make it “easier”, ask the feds task for safety.
You have no clue, but maybe Rich didn’t delete your comment because of bias, but to help you not look ridiculous.
The White House, VP Pence himself told the Governor it’s on them, the White House.
Capiche?
Comment by Oswego Willy Monday, Mar 16, 20 @ 1:01 pm
=== waiting rooms===
Are sure you are/were a first responder?
You are utterly clueless.
The point is for people to *not* be in groups, you want waiting rooms?
The task is to get the screening done quicker not create more rooms to infect more people easier.
Seriously, stop. Reading your suggestions is like leading social media and their “great” suggestions.
Waiting rooms… seriously?
Comment by Oswego Willy Monday, Mar 16, 20 @ 1:11 pm
The municipal govt’s can and should offer discounts for. My one willing to prepay RE taxes. Nothing obscene but like 10 percent for payments of a full year or 5 percent for half year prepayments. It would certainly help out cash flows for any townships or Cities with no reserve funds
Comment by Sue Monday, Mar 16, 20 @ 1:37 pm
=== You are blinded by politics.===
Says the “Anonymous” commenter who…
===how biased is that?===
LOL
=== I’ve saved lives - have you?===
This is the “I know” part of the program.
=== You’re wrong on so many counts - but likely could/would never admit it.===
Feds run airports, the White House says they dropped the ball, no one is required to serve milk and cookies.
Be well, stay well.
Comment by Oswego Willy Monday, Mar 16, 20 @ 1:40 pm
“and I’m done here anyway - nuff said. You are blinded by politics. Have and awesome day - and say some prayers. I will pray for you and others.”
Jim Bakker is really getting bored since getting his snake oil bidness shut down.
Comment by Ducky LaMoore Monday, Mar 16, 20 @ 2:10 pm