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* Having a total of $751 million in a statutory rainy day fund (with an eventual target of a billion) would never be noteworthy in most other states. In Illinois, however, it’s definitely worth a mention…
Bond rating agencies in recent months have raised Illinois' credit rating in part because we are responsibly fortifying our long-neglected Rainy Day Fund to safeguard the state through rough patches. I'm proud to announce another big payment this week. Stay tuned for more!#twill pic.twitter.com/77ZDxRItYj
— Illinois Comptroller (@ILComptroller) June 9, 2022
posted by Rich Miller
Thursday, Jun 9, 22 @ 8:53 am
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This is great news. There had previously been times my checking account had more in it then the rainy day fund
Comment by Sue Thursday, Jun 9, 22 @ 8:57 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.
Comment by DuPage Dad Thursday, Jun 9, 22 @ 8:58 am
Thanks, JB
Comment by PublicServant Thursday, Jun 9, 22 @ 9:04 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.
Comment by Arsenal Thursday, Jun 9, 22 @ 9:08 am
-would never be noteworthy in most other states-
A brutally true statement.
Comment by Steve Thursday, Jun 9, 22 @ 9:18 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.
Comment by Dirty Red 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
Comment by supplied_demand Thursday, Jun 9, 22 @ 9:28 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.
Comment by AD 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
Comment by Anyone Remember Thursday, Jun 9, 22 @ 9:37 am
Feelin’ drier already
Comment by Annonin' Thursday, Jun 9, 22 @ 9:44 am
Maybe this would be a good place for the so-called windfall from extra sales tax on gasoline to go.
Comment by 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.=
I believe that is prohibited by the “lockbox amendment”. You would also get huge pushback from business and labor interests.
Comment by JS Mill Thursday, Jun 9, 22 @ 9:54 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 ™.
Comment by thisjustinagain Thursday, Jun 9, 22 @ 10:05 am
Love the bucket hat on the pig. This state needs more bucket hats.
Comment by JP Altgeld Thursday, Jun 9, 22 @ 10:22 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.
Comment by Shibboleth Thursday, Jun 9, 22 @ 10:35 am
===”This is terrible news, an obvious example of State government run amok.”===
The Illinois Republican Party. Only… the Illinois Republican Party.
Comment by Wading in... Thursday, Jun 9, 22 @ 10:42 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.
Comment by It's all Good Thursday, Jun 9, 22 @ 11:03 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.
Comment by Pundent Thursday, Jun 9, 22 @ 11:24 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.
Comment by Wading in... Thursday, Jun 9, 22 @ 11:46 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.
Comment by Soccermom Thursday, Jun 9, 22 @ 11:52 am