Has Illinois Debt Gone Down?

The state’s pension debt came in at about $130 billion at the end of 2021, down from about $144 billion the year prior, although the Commission on Government Forecasting and Accountability noted that the decrease was largely a result of unprecedented – and likely unsustainable – investment gains of more than 20 percent

Are Illinois finances improving?

Now, Illinois is keeping its promises by passing real balanced budgets,” he added. “We’re cutting costs, paying bills on time, and paying down our debt, saving taxpayers hundreds of millions of dollars. And our credit rating has been upgraded for the first time in 20 years.”

What is Illinois current debt?

In the fiscal year of 2021, Illinois’ state debt stood at about 64.74 billion U.S. dollars. By the fiscal year of 2027, this is expected to increase to about 81.61 billion U.S. dollars. The national debt of the United Stated can be found here.

Is Illinois financially stable?

One last indicator of the State’s financial health is its credit rating. In 2021, Moody’s and Standard and Poor’s (S&P) rating agencies upgraded the State’s credit rating from BBB- (S&P)/Baa3 (Moody’s) to BBB/Baa2.

Why is Illinois debt so high?

The debt taxpayers owe worsened by more than $20 billion over the four-year tax hike period. That $20 billion-plus increase occurred despite the fact that most, if not all, of the tax hike went to pay for Illinois’ growing pension costs.

Does the state of Illinois have a surplus?

The state’s fiscal 2022 budget surplus will be $418 million, up from an earlier estimate of $88 million, as revenue from sales and income taxes increased more than previously anticipated and after the state taps about $2 billion of its more than $8.3 billion in American Rescue Plan Act funding, according to a report

What is Illinois credit rating?

S&P Global Ratings on Friday upgraded its Illinois bond rating — with the state now boasting upgrades from all three Wall Street credit rating agencies. S&P Global upgraded the state’s rating on its general obligation bonds to BBB+ from BBB. The agency also upgraded Build Illinois sales tax bonds to A- from BBB+.

Which state is most in debt?

In 2019, the federal state of California had about 506.66 billion U.S. dollars of debt outstanding, the most out of any state.

What states are in financial trouble?

States with the Most Debt

• New York. New York has the highest debt of any state, with total debt of over $203.77 billion.
• New Jersey. New Jersey has the second-highest amount of debt in the country.
• Illinois.
• Massachusetts.
• 5. California.
• Texas.
• Florida.
• North Carolina.

Why are people leaving Chicago?

There are many reasons why people are leaving the city, including high taxes and crime rates and the weather being too cold in the winter months. The five main reasons people leave Chicago are taxes, high crime rate, lack of jobs, crazy weather & traffic congestion, and housing prices.

Is Chicago going downhill?

Overall, the city’s population grew nearly 2% from 2010 to 2020 — from 2.6 million residents to 2.7 million, according to data released from the 2020 census. That’s a change from the population decline the city had experienced from 2000 to 2010, when the city lost nearly 7% of its population.

Is Illinois rich or poor?

Illinois is the 11th-wealthiest of the 50 United States, with a per capita income of $23,104 according to the 2000 census.

Is Illinois a poor state?

In 2020, the U.S. poverty rate was 11.4%, up a percentage point from the previous year. The rate varies widely from state to state, with most wealthy states having a poverty rate below 9%.
Poorest States 2022.

Does Illinois have a budget surplus?

The fiscal year 2023 General Funds budget plan reflects projected revenues of $46.429 billion and expenditures of $45.986 billion, resulting in a $444 million surplus.

How much is Chicago in debt?

The Windy City’s total state and local debt burden is a staggering $135,700 per taxpayer – over $44,000 higher than New York City, which landed in nineth place.
Chicagoans on the hook for $78,700 in local government debt.

What happens if Illinois defaults?

If Illinois is pushed into default, they will be forced to resolve their budget problems the same way Arkansas did, through debt restructuring to pay bond holders; in Arkansas, this meant some creditors received no compensations and were forced to push costs to state and local business.

What does Illinois spend most of its money on?

Expenditures generally include spending on government salaries, infrastructure, education, public pensions, public assistance, corrections, Medicaid, and transportation. State debt refers to the money borrowed to make up for a deficit when revenues do not cover spending.

What is the state of Illinois budget deficit?

a $1.5 billion deficit
As for the upcoming 2023 fiscal year budget, Pritzker claimed it would achieve a $1.7 billion surplus this year. Illinois Policy reports that documents released by his budget office show Illinois would end the year with a $1.5 billion deficit.

What’s in Illinois budget?

Illinois’ newly signed $46.5 billion budget, which includes $1.8 billion in election-year tax relief and put a $1 billion deposit into the state’s rainy day fund, will go into effect in just under three months.

Has Illinois credit rating changed?

Moody’s Investors Service raised Illinois’ rating on April 21 this year after giving the state its first upgrade in 20 years in July 2021. S&P’s Friday upgrade came after it previously raised Illinois’ rating one week after Moody’s did in July 2021.

Which state has the best credit rating?

Here are the top 10 states with the highest credit scores in 2020:

• South Dakota: 731.
• Vermont: 731.
• North Dakota: 730.
• Washington: 730.
• Massachusetts: 729.
• New Hampshire: 729.
• Nebraska: 728.
• Hawaii: 727 / Oregon: 729.