Illinois

Illinois rainy day fund has record balance after $320 million deposit

Published

3 years ago

June 10, 2022

Illinois rainy day fund has record balance after 0 million deposit

The state’s “wet day” fund – spent right down to basically nothing throughout the 2015-2017 finances deadlock – now has its highest-ever stability of $750 million after a $320 million deposit this week.

Whereas statutory fund transfers don’t often make for headline fodder, the truth that the state is socking away cash is a rarity worthy of a deeper look.

The finances stabilization fund, because it’s formally referred to as, was written into statute in 2000 for the aim of “lowering the necessity for future tax will increase, sustaining the best potential bond score, lowering the necessity for short-term borrowing, offering accessible sources to satisfy state obligations every time informal deficits or failures in income happen, and offering the technique of addressing budgetary shortfalls.”

It has remained woefully underfunded since its first deposit of $600,000.

“The primary 12 months I took workplace in 2016, the wet day fund had withered to about $60,000 – not sufficient to run state operations for 30 seconds,” Comptroller Susana Mendoza mentioned in a press release Thursday.

Mendoza took workplace in December 2016, proper in the course of the two-year interval by which the state didn’t move a finances, spending billions of {dollars} extra every year than it collected in income.

Thus, the “wet day” fund was used to maintain the wheels of state authorities in movement, and its $276 million stability as of June 2016 bottomed out to round $69,000 on the finish of 2017. It rebounded to about $17 million on the finish of 2021 whereas seeing dips amid the COVID-19 pandemic.

Whereas the $750 million might cowl solely a few week of state spending, contemplating the general $46 billion finances for the upcoming fiscal 12 months, it nonetheless marks a near-tripling of its earlier high-water mark.

Per the spending plan signed by Gov. JB Pritzker for the upcoming fiscal 12 months, it’ll obtain one other $280 million after July 1, bringing its stability to over $1 billion. The finances additionally retired greater than $1 billion in different interest-accruing state liabilities.

Extra:This is why Moody’s Traders Service gave Illinois a credit standing improve

That’s been famous by the three main credit standing companies, which have upgraded Illinois’ credit standing by two notches every prior to now 12 months.

Whereas Illinois stays on the backside of all states when it comes to credit standing, reversing the downward slide for the primary time for the reason that Pat Quinn administration is one thing Pritzker will grasp his hat on as he seeks a second time period.

It’s a message he delivered to the Chicagoland Chamber of Commerce this week, the place he in contrast the six cumulative credit standing upgrades to eight notches of downgrades obtained by the state below Republican ex-Gov. Bruce Rauner, who presided over the two-year deadlock.

“The state’s longstanding structural deficit is sort of gone,” Pritzker mentioned. “Our pension debt is decrease than after I took workplace and is now 10 % beneath its peak.

Gov. JB Pritzker describes the state's budget at an April 10 Capitol press conference

“I am restoring the state’s wet day fund. The truth is, we put a billion {dollars} into it. That is the best quantity that it is ever had. And by the way in which, we did all that with out the assistance of the federal cash from the (American Rescue Plan Act) program.”

The state’s pension debt got here in at about $130 billion on the finish of 2021, down from about $144 billion the 12 months prior, though the Fee on Authorities Forecasting and Accountability famous that the lower was largely a results of unprecedented – and sure unsustainable – funding good points of greater than 20 %.

As for the governor’s ARPA declare – referring to about $8.1 billion in direct federal funds to the state – it’s true that the federal funds have been devoted to one-time expenditures and the finances wasn’t instantly balanced by the funding inflow.

However representatives of COGFA and the state’s Division of Income instructed lawmakers in a February committee that oblique outcomes of federal spending have largely propagated a number of the sturdy income performances within the state’s “large three” income sources – private earnings tax, company earnings tax and gross sales tax. It’s led to state coffers taking in $4.8 billion extra within the present fiscal 12 months with one month left than they did the 12 months prior, in accordance with COGFA.

Partially, income good points resulted from elevated unemployment funds and direct funds to People, which elevated the tax base and shopper spending. As nicely, spending habits shifted towards the acquisition of taxable items and away from untaxed companies as Illinoisans stayed residence.

Republicans have additionally pointed to an “inflation-induced sugar excessive,” as larger costs drive up tax receipts.

Nonetheless, Pritzker factors out that the funding inflow has largely gone to lowering interest-accruing debt and lowering a invoice backlog, which exceeded $17 billion below Rauner, to a daily accounts payable cycle.

The kicker, he instructed attendees on the Chamber occasion: “Our firmer fiscal footing has allowed us to assist households reply to the present inflationary atmosphere by delivering $1.8 billion in direct tax aid this 12 months.”

That features a six-month pause on the automated 2.2 cent enhance within the state’s motor gasoline tax, an enlargement of the Earned Earnings Tax Credit score by two share factors, a one-year suspension of the 1 % tax on groceries, a one-time property tax rebate as much as $300, and a one-time earnings tax rebate of $50 per particular person and $100 per dependent, as much as three.

Whereas Republicans have criticized that aid as momentary election-year giveaways, Pritzker argued that the finances units the desk for additional development in his second time period ought to voters give it to him.

“If we keep the course, we are able to do a lot, far more,” he mentioned.

Jerry Nowicki is the bureau chief of Capitol Information Illinois, a nonprofit, nonpartisan information service protecting state authorities that’s distributed to greater than 400 newspapers statewide. It’s funded primarily by the Illinois Press Basis and the Robert R. McCormick Basis.

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Illinois

Illinois’ important trio that stepped up big time in KJ’s absence

Published

3 hours ago

January 9, 2025

Press Room

Illinois’ important trio that stepped up big time in KJ’s absence

A surprise late scratch of a potential top five NBA draft pick like the one of Kasparas Jakucionis prior to Wednesday’s game very well could’ve thrown a wrench in the Illini’s recent momentum.

Or, at the very least, it probably should’ve looked like it had some effect. A 39-point drubbing? A 34-4 first half run? Alright, I guess nothing can slow down this Illini train right now.

Illinois didn’t skip a beat in its second emphatic victory in three games — and a big reason for that was the trio of guys it had step up to pick up the slack for its missing leader.

As read on TCR last night, the Illini made more history on Wednesday. Ben Humrichous, Tre White and Morez Johnson all reached 20 or more points, marking just the third time since the 1938-1939 season that Illinois had three 20-point scorers in the same game.

The individual performances of those three were particularly notable because all three of Humrichous, White and Johnson put up their respective big nights in entirely different ways. And all three used Jakucionis’s absence to send a message about how far they’ve already come just a quarter of the way into conference play.

For Morez Johnson, Wednesday’s 20-point, 11-rebound double-double encapsulated everything he brings to the floor the second he steps on it. It was efficient — done in just 20 minutes — and was the result of his constant energy and activity that found himself around the basket on what felt like every possession.

Johnson’s been perhaps the most consistently impactful producer in the Illini rotation all season. His per-40-minute numbers are absurd — try 14.6 points, 17.7 rebounds and 3.3 blocks. His total rebound rate would rank in the top five nationally if he had the minutes to qualify. He just hasn’t gotten the opportunity to stuff the stat sheet as loudly as he did Wednesday. A well-deserved and long overdue breakout night.

Photo by Michael Hickey/Getty Images

Ben Humrichous’s explosive first half was the flashiest performance of the night, showcasing the ability to catch fire from deep that has always been there for him despite his December struggles. Humrichous nailed five first half threes and was a big reason the Illini’s lead ballooned in the midst of their dominating scoring run.

The most encouraging sign for Humrichous, though, is the way he’s beginning to diversify his game. Through December, Humrichous had attempted just 12 two-point attempts on the season, pretty much exclusively acting as a spot-up shooter on the perimeter. In just three games in January, Humrichous already has 14 attempts from two.

He flashed the ability to take advantage of mismatches with his size in some Marcus Domask-like mid post isos. He’s also gotten noticeably more aggressive attacking closeouts and finishing with force at the rim when the opportunity presents itself. Pair those things with a season-high 9 rebounds on Wednesday and you’ve finally got the version of Humrichous that makes Illinois its most dangerous self.

And quietly in the midst of everything else came another extremely productive Tre White performance. White reached 20 points and 7 rebounds in a similar manner to most of his recent production — doing a little bit of everything and doing it in a very efficient, inconspicuous manner.

Over the last 7 games, White is now averaging 16.1 points and 6.2 rebounds per game on remarkable 63.3% efficiency from the floor. He’s turned himself into a consistent second scoring option alongside Jakucionis when he’s out there while making the types of winning plays that result from competing to win, as Brad Underwood detailed Tuesday.

White has made significant strides in almost every area, from scoring off the dribble to rebounding to the defensive end, and it’s taken Illinois to an entirely different level. Wednesday’s performance showed once again how dangerous he can be when he’s attacking and playing with high energy.

As a whole, the Illini certainly hope they’re without their star player for long. But their response without him — particularly from the Johnson, Humrichous and White trio that will continue to be vital to their success — was a welcome sight.

Illinois proved they have the depth to survive a man down while also showing what things can look like when its complementary pieces are at their best. Right now, it’s hard to imagine anything slowing down the roll these Illini are on.

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Illinois

How To Watch Illinois vs. USC: Game Time, Odds, TV Channel & Online Streaming

Published

10 hours ago

January 9, 2025

Press Room

How To Watch Illinois vs. USC: Game Time, Odds, TV Channel & Online Streaming

How to Watch No. 13 Illinois vs. USC

Game Time: 11 a.m. Saturday

TV Channel: Big Ten Network

Online Streaming: FoxSportsGO

Radio: All Illinois basketball games air live on radio in the Champaign (WDWS-AM 1400) and Chicago (WLS-AM 890) markets. The game will also be broadcasted on other networks throughout the state; check the Fighting Illini Radio Network for more information.

Odds: N/A

Quick Hits

Illinois Fighting Illini (12-3, 4-1 Big Ten)

Head Coach: Brad Underwood (8th Season)

Last Game: 91-52 win over Penn State

Gameday Reading:

USC Trojans (9-6, 1-3 Big Ten)

Head Coach: Eric Musselman (1st season)

Last Game: 82-69 loss to Indiana

What Happened The Last Time These Two Played?

Nov. 19, 2012: Illinois 94, USC 64

LAHAINA, Hawaii — Brandon Paul scored 26 points and Illinois used a hot first half to ride to an easy 94-64 win over USC Monday night at the Maui Invitational.

Illinois shot just under 69 percent in the first half on its way to a 31-point lead at the break. USC pulled no closer than 18 points in the second half despite some sloppy play from Illinois, which finished with 20 turnovers.

The Illini (4-0), who never trailed, also got 13 points from DJ Richardson, 11 from Tracy Abrams and 10 from Tyler Griffey.

USC (2-1) was led by Eric Wise with 13 points.

Illinois plays host team Chaminade on Tuesday. The Division II school knocked off Texas earlier Monday.

By the way, this is weird. Our “GameThread” on TCR (it’s something we used to do for games, you may remember), included this:

“By the time this game is over both USC and the entire state of Hawaii may be in the Big Ten.”

Uhhhhh, good call, Tom Fornelli!

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Illinois

Thornton grad Morez Johnson has career-high 20 points as No. 13 Illinois routs Penn State

Published

18 hours ago

January 9, 2025

Press Room

Thornton grad Morez Johnson has career-high 20 points as No. 13 Illinois routs Penn State

Ben Humrichous scored a season-high 21 points, Thornton grad Morez Johnson Jr. had a career-high 20 points with 11 rebounds and No. 13 Illinois beat Penn State 91-52 on Wednesday night at State Farm Center in Champaign for its fifth consecutive victory.

Tre White also had 20 points to help Illinois (12-3, 4-1 Big Ten) win with scoring leader Kasparas Jakucionis sidelined by a bruised forearm.

Penn State star Ace Baldwin Jr. aggravated a back injury early in the first half and didn’t play in the second half. He didn’t score, missing all six of his shots.

Nick Kern Jr. had 13 points for the Nittany Lions (12-4, 2-3). Zach Hicks added 11.

Takeaways

Illinois: After sweeping No. 9 Oregon and Washington on a West Coast trip, Illinois was tasked with beating nemesis Penn State without Jakucionis, whose absence was announced just before the game. Humrichous and Johnson made up for the loss of Jakucionis.

Penn State: The Nittany Lions came into the night as the 10th-highest scoring team in the nation, averaging 86.8 points. They had scored a program record 80-plus points in six straight games. Penn State shot 31% against Illinois.

Key moment

A 21-2 Illini run in the first half gave them a 26-13 lead. Penn State missed nine straight shots during the stretch, going 7:56 without a field goal.

Up next

Illinois: Hosts Southern California on Saturday.

Penn State: Hosts No. 9 Oregon on Sunday.

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