Statement by the Press Secretary
On Friday, October 21, 2011, the President signed into law:
H.R. 2832, the “Trade Adjustment Assistance Extension Act of 2011,” which extends the Generalized System of Preferences program through July 31, 2013, and reauthorizes the Trade Adjustment Assistance program through December 31, 2013;
H.R. 3080, the “United States-Korea Free Trade Agreement Implementation Act,” which implements the United States-Korea Free Trade Agreement;
H.R. 3078, the “United States-Colombia Trade Promotion Agreement Implementation Act,” which implements the United States-Colombia Trade Promotion Agreement and extends the Andean Trade Preference Act; and
H.R. 3079, the “United States-Panama Trade Promotion Agreement Implementation Act,” which implements the United States-Panama Trade Promotion Agreement.
Showing posts with label Illinois economy. Show all posts
Showing posts with label Illinois economy. Show all posts
Friday, October 21, 2011
Monday, April 11, 2011
Comptroller's Report: Revenues Are Up, but Illinois' Financial Challenge Remains as Challenging as Ever
Controller Judy Baar Topinka notes in her April edition of the Comptroller's quarterly, that actions taken in the first three quarters of fiscal year 2011 have allowed the state of Illinois to gain revenue and avoid financial catastrophe in the short term. But a massive bill backlog and substantial long-term challenges remain.
She notes, at the end of March, the office of the Comptroller had $4.515 billion in unpaid bills with some vouchers dating back to October 2010. The Comptroller's office is at two prioritize critical payments such as debt service and other funding vital to the operation of state programs such as general state aid to school districts.
The report goes on to note that further adding to the backlog is the ongoing need to prioritize Medicaid disbursements in order to receive increased federal stimulus match funding. The federal share of Medicaid payments dropped from 59% to 57% in April. And it will fall to 50% after June 30. Therefore the state is expediting payments on medical bills in order to gain as much of the federal match as possible while time allows. This means others who have been waiting to have their bills paid continue to wait.
The backlog in bills would be even more substantial if not for the $3.7 billion in pension funding bonds issued in March, which was used to pay the majority of the states obligations to the retirement system in fiscal year 2011.
As the report notes, the combination of tobacco bond proceeds, the tax amnesty program and the increase in tax rates led to general funds revenue increase of $1.536 billion, a 7.3% increase. Individual income tax receipts grew by $1.057 billion, through nine months. Corporate income tax revenue increase by $240 million, a 27.6% increase. And the states tax amnesty program contributed $36 million in individual income tax receipts and $215 million in corporate income tax revenue.
SALES TAX: as the report notes, an improving economy increased sales tax revenues by $414 million although $164 million of that was due to the tax amnesty.
GENERAL FUNDS SPENDING: Gen. fund spending increased by $2.45 billion, or 11.3% in the first three quarters of fiscal year 2011. Through nine months of fiscal year 2011 base expenditures have increased by $2.45 billion.
Of this amount, healthcare and family services had the largest increase in vouchers presented for payment among the major agencies, with $537 million. Vouchers presented by the state Board of Education were down $250 million to the first three quarters of the fiscal year. The teachers retirement system of higher education are down $660 million, and $67 million respectively year to date as a larger share of this year's pension payments were funded directly by bond proceeds.
UPCOMING CHALLENGES: the state still has to pay back $1.3 billion from the July 2010 short-term borrowing over the next three months. While that amount is lower than what was outstanding at this time last year, the state shifted over $2 billion in Medicaid spending to other state funds in the fourth quarter of fiscal year 2010 which cannot be repeated this time around.
So while the states tax revenues have grown, the state's bill backlog is not likely to decrease significantly from the current levels, or the levels seen at the end of fiscal year 2010 if the current trends continue.
Thus while the state is collecting some additional dollars, the fiscal challenge of operating the state remains as daunting as ever.
She notes, at the end of March, the office of the Comptroller had $4.515 billion in unpaid bills with some vouchers dating back to October 2010. The Comptroller's office is at two prioritize critical payments such as debt service and other funding vital to the operation of state programs such as general state aid to school districts.
The report goes on to note that further adding to the backlog is the ongoing need to prioritize Medicaid disbursements in order to receive increased federal stimulus match funding. The federal share of Medicaid payments dropped from 59% to 57% in April. And it will fall to 50% after June 30. Therefore the state is expediting payments on medical bills in order to gain as much of the federal match as possible while time allows. This means others who have been waiting to have their bills paid continue to wait.
The backlog in bills would be even more substantial if not for the $3.7 billion in pension funding bonds issued in March, which was used to pay the majority of the states obligations to the retirement system in fiscal year 2011.
As the report notes, the combination of tobacco bond proceeds, the tax amnesty program and the increase in tax rates led to general funds revenue increase of $1.536 billion, a 7.3% increase. Individual income tax receipts grew by $1.057 billion, through nine months. Corporate income tax revenue increase by $240 million, a 27.6% increase. And the states tax amnesty program contributed $36 million in individual income tax receipts and $215 million in corporate income tax revenue.
SALES TAX: as the report notes, an improving economy increased sales tax revenues by $414 million although $164 million of that was due to the tax amnesty.
GENERAL FUNDS SPENDING: Gen. fund spending increased by $2.45 billion, or 11.3% in the first three quarters of fiscal year 2011. Through nine months of fiscal year 2011 base expenditures have increased by $2.45 billion.
Of this amount, healthcare and family services had the largest increase in vouchers presented for payment among the major agencies, with $537 million. Vouchers presented by the state Board of Education were down $250 million to the first three quarters of the fiscal year. The teachers retirement system of higher education are down $660 million, and $67 million respectively year to date as a larger share of this year's pension payments were funded directly by bond proceeds.
UPCOMING CHALLENGES: the state still has to pay back $1.3 billion from the July 2010 short-term borrowing over the next three months. While that amount is lower than what was outstanding at this time last year, the state shifted over $2 billion in Medicaid spending to other state funds in the fourth quarter of fiscal year 2010 which cannot be repeated this time around.
So while the states tax revenues have grown, the state's bill backlog is not likely to decrease significantly from the current levels, or the levels seen at the end of fiscal year 2010 if the current trends continue.
Thus while the state is collecting some additional dollars, the fiscal challenge of operating the state remains as daunting as ever.
Friday, May 7, 2010
IL Senate Passes $26.1 Billion Budget, Based on Skipped Pension Payments and Borrowed Funds. House Votes Friday
FROM THE CHICAGO TRIBUNE
SPRINGFIELD --- The Illinois Senate today approved a $26.1 billion operations budget after working into the early morning hours with Democrats and Republicans pointing fingers at each other in election-year gamesmanship.
Democrats who control the Senate voted 31-26 to send the spending plan to the House, which is set to consider it later today ahead of the General Assembly's scheduled spring adjournment. But first, powerful House Speaker Michael Madigan has scheduled a morning closed-door meeting of his members with Gov. Pat Quinn.
FULL STORY:
http://newsblogs.chicagotribune.com/clout_st/2010/05/illinois-senate-debates-state-budget-into-early-morning.html#more
SPRINGFIELD --- The Illinois Senate today approved a $26.1 billion operations budget after working into the early morning hours with Democrats and Republicans pointing fingers at each other in election-year gamesmanship.
Democrats who control the Senate voted 31-26 to send the spending plan to the House, which is set to consider it later today ahead of the General Assembly's scheduled spring adjournment. But first, powerful House Speaker Michael Madigan has scheduled a morning closed-door meeting of his members with Gov. Pat Quinn.
FULL STORY:
http://newsblogs.chicagotribune.com/clout_st/2010/05/illinois-senate-debates-state-budget-into-early-morning.html#more
Thursday, April 29, 2010
Astellas Pharma Picks Illinois for Its HQ: 150 New Jobs May Result
GLENVIEW, IL – April 29, 2010. Governor Pat Quinn today announced an approximately $4 million investment package to assist Astellas Pharma US, Inc in establishing their new corporate headquarters for the Americas in Glenview. The state’s business package will leverage $140 million in private investment and will create 150 new jobs, further strengthening the economy of Northeast Illinois.
“I am pleased Astellas selected Illinois for its new headquarters for the Americas,” said Governor Quinn, who attended the company’s groundbreaking ceremony. “This major investment will create new jobs and generate economic activity throughout the region. At the same time, this decision highlights Illinois role as a Midwestern leader in the life sciences business and its emergence as a vital base of operation for the biopharmaceutical industry’s future growth.”
Construction of the new headquarters is scheduled to be completed in the spring of 2012. It will include two six-story buildings totaling 425,000 square feet. The buildings and site will emphasize sustainability and the complex is designed to achieve LEED Gold certification. The company’s current Deerfield-based employees will be relocating to the new headquarters.
“At Astellas, we measure success not only by bringing innovative and effective pharmaceuticals to patients and physicians, but also by our contributions to local communities and protection of the environment,” said Seigo Kashii, President and CEO of Astellas Pharma US, Inc. “Today we are fulfilling our vision for continued growth through our groundbreaking for a new corporate headquarters.”
The state’s investment package, administered by the Department of Commerce and Economic Opportunity (DCEO), will consist of Economic Development for a Growing Economy (EDGE) corporate income tax credits, which are based on job creation, and Employer Training Investment Program (ETIP) job training funds that will help enhance the skills of its workforce.
“In order for our economy to continue growing, we must continue making strategic investments on the local level that will create jobs and support long-term sustainable growth,” said DCEO Director Warren Ribley. “Our investment in Astellas will pay dividends for this region and the state.”
Astellas’ expansion will also support Illinois’ growing life sciences industry. Illinois’ biopharmaceutical industry, which is supported by the state’s highly-regarded federal labs and top-notch research universities, directly employs more than 40,000 people and supports more than 112,000 indirect and induced jobs.
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“I am pleased Astellas selected Illinois for its new headquarters for the Americas,” said Governor Quinn, who attended the company’s groundbreaking ceremony. “This major investment will create new jobs and generate economic activity throughout the region. At the same time, this decision highlights Illinois role as a Midwestern leader in the life sciences business and its emergence as a vital base of operation for the biopharmaceutical industry’s future growth.”
Construction of the new headquarters is scheduled to be completed in the spring of 2012. It will include two six-story buildings totaling 425,000 square feet. The buildings and site will emphasize sustainability and the complex is designed to achieve LEED Gold certification. The company’s current Deerfield-based employees will be relocating to the new headquarters.
“At Astellas, we measure success not only by bringing innovative and effective pharmaceuticals to patients and physicians, but also by our contributions to local communities and protection of the environment,” said Seigo Kashii, President and CEO of Astellas Pharma US, Inc. “Today we are fulfilling our vision for continued growth through our groundbreaking for a new corporate headquarters.”
The state’s investment package, administered by the Department of Commerce and Economic Opportunity (DCEO), will consist of Economic Development for a Growing Economy (EDGE) corporate income tax credits, which are based on job creation, and Employer Training Investment Program (ETIP) job training funds that will help enhance the skills of its workforce.
“In order for our economy to continue growing, we must continue making strategic investments on the local level that will create jobs and support long-term sustainable growth,” said DCEO Director Warren Ribley. “Our investment in Astellas will pay dividends for this region and the state.”
Astellas’ expansion will also support Illinois’ growing life sciences industry. Illinois’ biopharmaceutical industry, which is supported by the state’s highly-regarded federal labs and top-notch research universities, directly employs more than 40,000 people and supports more than 112,000 indirect and induced jobs.
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