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Although improving, Illinois’ rainy day fund is one of worst in the country

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Although improving, Illinois’ rainy day fund is one of worst in the country


(The Center Square) – As fiscal conditions tighten going into 2024, a new analysis shows Illinois’ budget reserves are among the lowest in the nation.

According to Pew Charitable Trusts, rainy day funds hit all-time highs in 38 states at the end of fiscal year 2023, including in Illinois. But most states expect their total financial cushions to decline by the end of the current budget year.

After consecutive years of sizable increases, states’ combined rainy day funds decreased by over $4 billion in fiscal 2023 from fiscal 2022’s record high to $160 billion, according to estimates collected by the National Association of State Budget Officers between February and May of this year.

Page Forrest, senior associate with The Pew Charitable Trusts’ state fiscal policy project, said the pandemic had a big impact on states’ budgetary decisions.

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“States really took advantage of the upswing in revenue that we saw in fiscal 2021 and 2022 and used that to put a substantial amount of funds in their reserves, which is why we are still seeing those record levels,” said Forrest.

At the lowest point in 2017 during Illinois’ budget impasse, the rainy day fund had only $48,000, which would fund the state for less than 30 seconds.

In November, State Comptroller Susana Mendoza deposited $11.5 million into the state’s Rainy Day Fund, bringing the total to $2.005 billion.

Despite the improvement, Forrest said Illinois is still ranked 47th in the country on the amount of days the government could run on the rainy day fund.

“They could run for almost two weeks now, however for context, the median capacity for a state is 46 days, so Illinois is still lagging substantially behind the national median,” said Forrest.

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On the other hand, Wyoming’s state government could run 306 days on its rainy day fund.

The analysis points out that there is no one-size-fits-all rule for states on when and how much to save. Pew’s research shows the optimal savings target of state rainy day funds depends on several factors, including the defined purpose of the funds, changes in state’s tax revenues and the potential increase in spending during economic hard times.





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Illinois

Moore heading to Springfield a few days early

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Moore heading to Springfield a few days early


QUINCY (WGEM) – Fresh off his November win in the race to replace retiring state Rep. Randy Frese, Kyle Moore began his term a few days early.

Moore was selected Friday by the GOP party chairs from the counties in Illinois’ 99th House District to replace Frese, who resignation was effective at noon on Thursday.

Appellate Judge Amy Lannerd swore in Moore afterward in a ceremony at the Adams County Courthouse.

The new officeholder will travel to Springfield on Saturday to take part in the General Assembly’s lame duck session that begins in the afternoon.

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“You just never know what, you know, what’s going to come in a lame-duck session,” Moore said. “And my hope is to be a voice for the residents of the 99th district in the, you know, three or four days in the lame duck session and then looking forward to getting sworn in for a full term on Wednesday.”

During the ceremony, Frese and former state Rep. Jeff Mays both wished Moore well. Frese even handed Moore his parking pass and the lapel pin he wore, signifying his membership in the House.

The 104th session of the General Assembly begins Wednesday.



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Illinois 5th in nation, Chicago 6th for metro areas in odometer fraud | How to avoid being scammed

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Illinois 5th in nation, Chicago 6th for metro areas in odometer fraud | How to avoid being scammed


CHICAGO (WLS) — ABC7 Chicago’s I-Team is issuing an alert Friday about an increased risk of odometer fraud.

It’s up by almost 20% in recent years nationwide, and experts say it’s a huge problem in the Chicago area.

ABC7 Chicago is now streaming 24/7. Click here to watch

New tools are making it easier for scammers to roll back odometers.

It’s scary to see: a vehicle’s mileage altered on the odometer from about 300,000 miles to less than 100,000 miles, all with the use of technology.

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It’s a valuable warning for anyone buying a used car in the new year.

Josh Ingle is the president of a company that performs electronic repairs on cars.

He gave a demonstration for CARFAX.

Quick Tip: Stay scam-free in 2025

Ingle said the legitimate tools are supposed to be used by mechanics to make mileage accurate on salvaged vehicles, but they can be used to scam potential buyers. Anyone can buy the devices online.

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“So, you’re kind of erasing what information is there before, and, you know. So, there’s not not a real digital footprint for the most part on a lot of vehicles,” Ingle said.

CARFAX said more than 2 million cars on the road may have had their odometers rolled back in 2024. That’s up more than 18% since 2021.

“The biggest thing (used car buyers) can do is to go look at a vehicle history report. It’s the simplest thing that is possible. You put in a VIN, and you see if there’s any red flags going on with the vehicle that you’re looking to purchase,” Ingle said.

You can purchase car history reports through CARFAX, AutoCheck and other sources online. You should also get used vehicles inspected by a mechanic.

And don’t be afraid to ask the seller to cover the costs of mechanical checks and vehicle reports.

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“Many reputable dealers, many maintenance shops work with CARFAX, and they allow you to request a CARFAX report or the vehicle history report. And, many times, if they do want to make that sell, they will get you that report so you can check it out ahead of time,” a CARFAX spokesperson said.

CARFAX said Illinois is fifth in the nation for rollbacks, and Chicago ranks sixth for metropolitan areas.

Visit the secretary of state’s website for more information on how to avoid fraud and what to do if you’re a victim.

Copyright © 2025 WLS-TV. All Rights Reserved.



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Tickets go on sale Jan. 6 for the Springfield Chamber Players concert series at the Westfield Athenaeum

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Tickets go on sale Jan. 6  for the Springfield Chamber Players concert series at the Westfield Athenaeum


WESTFIELD – The Westfield Athenaeum will again collaborate with the Springfield Chamber Players (MOSSO) to present a three-concert series in the Lang Auditorium at the Westfield Athenaeum in 2025.

Athenaeum Director Guy McLain said this will be the fourth year the library will host the Springfield Chamber Players for the concerts, which he called “almost a tradition.” All of the musicians are current or former players with the Springfield Symphony Orchestra.



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