Finance Knowledge

IASA Sponsored Administrative Academy # 462

Goals•To learn the latest news from Springfield about the FY 2013 budget

•To learn how to operate the ISBE Budget Projection Software

•To learn how to communicate fiscal information to your school board and community

•To learn about short and long term borrowing options available to school districts

Budget, Budget, Budget

ISBE Budget = ?Gov. Quinn = ?

http://www.illinoisisbroke.com/splash.aspx

http://www.youtube.com/user/IllinoisIsBroke?blend=3&ob=video-mustangbase

Madigan on Budget•Illinois is in for a long haul when it comes to pulling itself out of its financial mess

•Madigan is arguably the most powerful man in Springfield

•Illinois’ underfunded pension liability now exceeds $85 billion

•School districts don’t pay into teachers’ pension systems like other employers do, leaving that obligation to the state

•Explaining “budget makers in Springfield must learn to live within their means.”  

•Madigan would not say whether he thought the state should make the recent 66 percent income tax increase permanent, saying he couldn’t address that until it’s set to expire in 2015.

Governor’s Budget Address

Fiscal Year Foundation Level

Inc or Dec Percentage

1998 $3,132 $71 2.32%

1999 $4,225 $1,093 34.90%

2000 $4,325 $100 2.37%

2001 $4,425 $100 2.31%

2002 $4,560 $135 3.05%

2003 $4,560 $0 0

2004 $4,730 $170 3.73%

2005 $4,980 $250 5.29%

2006 $5,134 $154 3.09%

2007 $5,334 $200 3.90%

2008 $5,734 $400 7.50%

2009 $5,959 $225 3.92%

2010 $6,119 $160 2.69%

2011 $6,119 $0 0

2012 $5,953 -$166 -2.71%

2013 $5,953 $0 0

Fiscal Year CPI

2005 3.3%

2006 3.4%

2007 2.5%

2008 4.1%

2009 0.1%

2010 2.7%

2011 1.5%

2012 3.0%

Problem with Illinois