Springfield, IL. – In Illinois nothing is secure. With a sleight of hand, $630 million of overspending is disguised as a “constitutionally balanced budget,” and the transportation “lock box” is picked for a $180 million transfer to Chicago, ultimately destine for the Obama edifice called a library funded on the backs of taxpayers.
Without the official constitutionally mandated revenue estimate, it is anyone’s guess as to how much overspending was just passed, however the Commission on Government Financial Accountability (COGFA) estimated revenue for the 2019 Fiscal Year at $37.87 billion. And while COGFA has been historically high in its estimate, I’ll take that as a best guess. So taking the approved spending of $38.5 billion less the estimated revenue of $37.87 billion, using Representative Martwick’s calculator he so generously distributed to members, I get about $630 million in overspending.
According to some estimates, Illinois has not had a constitutionally balanced budget since 2001, leaving 2018 as another year where the only thing the Democratic Majority appears to be consistent at is leading the state further into the ground. Lest you think that is an exaggeration, keep in mind that the audited financial report since 2008 graphically illustrates Illinois’ demise.
The tragic part about all of this is it doesn’t have to be this way. With serious reforms Illinois could recover, but time is running out.