Springfield, IL (CAPITOL CITY NOW) – Illinois is completing a financial turnaround, according to a University of Illinois report.
“The pandemic, ironically, (gave the state) a large influx of money, and I think that was spent in an appropriate way,” said David Merriman, co-author of a study called Finding the Balance: State Fiscal Sustainability and Local Government Challenges. “The economy is doing much better than anyone expected coming out of the pandemic.
“And I think the governor and the legislature have done a good job of using that money.”
Paula Worthington, a government finance lecturer from the University of Chicago, examined local economies as a collaborating scholar for the UI report. She cited three areas of concern, including education and transit. “The other one is what looks to be a persistent decline in commercial property values,” said Worthington. “That has consequences for local governments throughout the state that rely on property tax revenues.”
The report is a product of the University of Illinois’ Institute of Government and Public Affairs, where Merriman is interim director. The researchers used state comptroller’s office data dating to 1998.
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