In this issue:
- More wiretaps presented at Madigan corruption trial
- State tax receipts continued to slow in November
- Iroquois Economic Development Association meeting
- Illinois headlines
More wiretaps presented at Madigan corruption trial
The corruption trial of former Illinois House Speaker Michael Madigan continued in federal court in Chicago, with prosecutors playing more secretly-recorded wiretaps of the powerful politician whom they allege used his legislative clout to drum up business for his law firm.
This round of wiretaps included conversations between Madigan and his ally, former Chicago Alderman Danny Solis, who knew about important but politically-sensitive Chicago real estate transactions with potentially significant realty development profits. He was also in a position to encourage politically-connected developers to direct their business to certain law firms who dealt with property tax work.
Solis agreed to wear a wire for federal investigators and recorded the conversations which were played for the jury. They are the latest part of the prosecutors’ weeks-long case which seeks to prove that Madigan used the vast power he accumulated from decades as the most powerful politician in Illinois to benefit himself and his political allies.
The trial is expected to continue for several more weeks. Madigan’s defense attorneys will present their case once the prosecutors have concluded.
Ethics reform needs to be one of our top priorities when the General Assembly’s spring session convenes in January.
State tax receipts continued to slow in November
State government is headed for another round of difficult financial conditions according to the latest information from the state’s non-partisan fiscal agency.
While the state has gone on a spending spree over the last four years – ramping up spending from $40 billion in 2020 to more than $53 billion this year – revenues have not been able to keep up. The Governor and his Democrat allies in the House and Senate used one-time COVID relief funds from the federal government to support the additional spending, but now most of that funding has run out, and Illinois’ tax receipts can’t keep up with all the spending.
In November 2024, the state received about $90 million less in cash-flow from taxes than it did in November 2023. This shortfall puts increased pressure on state agencies to fund the promises made by the state budget for the current fiscal year, and it also creates potential problems for the budget for next fiscal year – which we will be discussing in Springfield in the coming months. The Governor’s budget office has already projected a $3.2 billion deficit for the upcoming fiscal year.
Since so much of the tax revenue which state government depends upon comes from income taxes paid by Illinois workers, the commission looked at recent trends in Illinois employment. What they found was alarming: 11 out of 13 metropolitan regions of the state have seen stagnant or declining employment figures over the past five years. The state is continuing to fall behind the rest of the country, which has serious implications for the families who are dealing with job loss, and the state government which depends on revenue from income taxes.
Next year we are going to have to commit to budgeting responsibly and to pursuing pro-growth policies that will create jobs, not drive them away.
Iroquois Economic Development Association meeting
I had a great time at the Iroquois Economic Development Association Quarterly Meeting at Shagbark Golf & Country Club last week!
Thank you to Angel Crawford and her board for a great networking event.
Our current bill backlog
When a vendor provides the state with goods and services, they submit the bill to the Illinois Comptroller for payment. The Comptroller processes the paperwork and pays the bill when funds are available in the state’s checking account. Currently the total amount of unpaid bills is $2,458,310,729. This figure changes daily. Last year at this time the state had $1.3 billion in bills awaiting payment. This only includes bills submitted to the Comptroller for payment, not unfunded debts like the state’s pension liability, which is well over $100 billion.
Illinois headlines
Illinois researchers to kick off new phase of program to explore space-based manufacturing
IDNR announces reduction in controlled pheasant-hunting permits – includes Iroquois County site
Finalists revealed for potential new Illinois state flag
American Red Cross hands out holiday decoration safety tips
Illinois holiday movies shine bright this season
State Fire Marshal taking applications for Fire Station Grants