Some results from Illinois' action-packed spring legislation session that p...
CHICAGO - Some results from Illinois’ action-packed spring legislation session that produced a budget and a variety of revenue-raising measures won initial praise on Monday from credit rating analysts, who cautioned that fiscal challenges remain.
Illinois has the lowest credit ratings among U.S. states at a notch or two above the junk level due to its huge $133.5 billion unfunded pension liability and chronic structural budget deficit. Spain added that to maintain an investment-grade rating, further progress is needed “toward sustainable structural balance, paying down its bill backlog, and addressing its pension liabilities.”
Hampton said he will have to look at a provision in the budget that would restore a 6% cap on end-of-career teacher salary increases that had previously been lowered to 3% to cut pension costs. “Generally, when we see states gathering the political courage to do things like raise gasoline taxes for an infrastructure plan that’s also positive,” Hampton said.
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