A new report by a fiscal watchdog group shows Illinois Governor Pat Quinn's proposed budget is unbalanced by more than $2 billion. The report by the Civic Federation found Quinn overestimated some of the money the state is bringing in, specifically when it comes to income taxes.
Quinn's proposed budget estimates Illinois raised $7 billion when it increased the personal income tax rate earlier this year, but the Civic Federation's report finds Quinn's budget for next year does not set aside enough money for income tax refunds. It's about $1 billion short.
Legislators approved the tax increase in January to help balance the state's $13 billion deficit. Quinn also wants to borrow money to pay bills and temporarily suspend some state funding to local governments.
Recently, Illinois' comptroller announced that by her count, Illinois' budget is still some $8 billion out of whack.