![]() ![]() The state credit rating is the grade given by a credit rating agency based on the general financial health of the state's government and economy.State debt refers to the money borrowed to make up for a deficit when revenues do not cover spending.Expenditures generally include spending on government salaries, infrastructure, education, public pensions, public assistance, corrections, Medicaid, and transportation.Revenues come mainly from tax collections, licensing fees, federal aid, and returns on investments.The following terms are used to describe a state's finances: The Illinois state budget and financial data presented here come from different years because the states and the federal government report and publish the information at different times. Education accounted for 18.7 percent of state expenditures in fiscal year 2015, while 26.1 percent went to Medicaid.State budget decisions are also influenced by policy decisions at the national level, such as the Affordable Care Act or energy and environmental regulations, and issues at the local level, such as crime and the quality of education. If revenues do not keep pace with expenditures, states generally have to raise taxes, cut services, borrow money, or a combination of the three. State budgets are complex and fluid, as they depend on anticipated revenues and planned expenditures, which may alter over the course of a fiscal year. This includes generating revenues (money coming into the state from various sources) and approving expenditures (the money spent on governmental functions and servicing state debt). In Illinois, as in other states, lawmakers and public officials are elected in part to manage the state's finances. Total spending (state and federal funds): PIRG "Following the Money" reportĪs published 2016 Illinois budget and finances 3.6.3 Multi-measure budget transparency profile.3.6.2 State budget websites and analysis.2.5.1 Agencies, offices, and committees.For more current information regarding Illinois' budget and finances, click here. ![]() With the exception of the tab labeled "Prior fiscal year budgets," the tabs below display information, from several different fiscal years, as it was presented on Ballotpedia in prior calendar years. The historical Illinois budget and finance information below applies to years prior to the most current fiscal year. If you would like to help our coverage grow, consider donating to Ballotpedia. This article does not contain the most recently published data on this subject. ![]() Effect of the Affordable Care Act in Illinois.Oil and gas extraction on federal land in Illinois.Ballot access requirements for presidential candidates in Illinois.Ballot access requirements for political parties in Illinois.Ballot access requirements for political candidates in Illinois.Campaign finance requirements for Illinois ballot measures.Campaign finance requirements in Illinois. ![]()
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