gerri.songer's picture

Volcker Alliance Launches Analysis of 50 State Budgets

In 2015, Illinois brought in $71B revenue, spent $75B on expenses, and carried $141B in total debt. The interest on this debt cost taxpayers nearly $5B, which was more than the state's contribution to TRS, $4B.

Last year, 2016, Total Revenue was $68B, Total Expenses were $73B, and the state increased its debt to $147B Total Debt. Revenue decreased by $3B due to the state reducing its flat individual and corporate income tax rates. Expenses were down $2B, but there was still a $5B shortfall because of the decrease in revenue.

Subscribe to RSS - Illinois