Civic Committee Facing Facts Reports
In December of 2006, the Civic Committee released its report, Facing Facts: A Report of the Civic Committee’s Task Force on Illinois State Finance, which concluded that Illinois was heading toward financial implosion unless substantial reforms were made to the State’s pension and retiree health care systems, and unless significant cost reductions were made in these and other parts of the State’s budget.
In the summer of 2008, because of developments in the economy, the Civic Committee asked its Task Force to revisit the issues identified in the 2006 report. The results were contained in an updated report, Facing Facts 2009: An Updated Report on the State of Illinois’ Fiscal Crisis, which was released in February of 2009.
This updated report showed that, for FY2009, Illinois was facing a gap of over $8 billion between revenues and costs in its annual operations; the State’s accumulated debts and unfunded obligations at that time amounted to $116 billion or more. In the report, we urged the State to undertake serious reforms to its pensions and retiree health care arrangements, and to make major cuts – in the billions of dollars annually – to its programs generally.
To access a copy of both reports, and related press releases, click on the link(s) at the bottom of this page.
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