The Pending FY2016 Fiscal Cliff
Below is an overview of the fiscal challenges facing the next General Assembly and Governor-elect Bruce Rauner in crafting a General Fund budget for Fiscal Year 2016. Assuming no tax policy changes, if spending on services in FY2016 is held constant in nominal, non-inflation adjusted dollars at FY2015 levels, the state’s accumulated deficit in its General Fund will almost double, increasing from an estimated $6.8 billion in FY2015, to $12.7 billion by the end of FY2016.
FY2014, FY2015 and FY2016 General Fund Comparison ($ Millions)1
Click on the CTBA Issues Brief to read more. It is 5 pages long.