Abstract
Illinois does not follow basic principles of sound budgeting recommended by fiscal experts. This research suggests ways that Illinois and other states can reform practices to avoid fiscal crises in the future. Two reports released by a team of researchers from IGPA and the Volcker Alliance demonstrate ways states can improve transparency and accountability. A working paper released by the Volcker Alliance, a nonpartisan organization established in 2013 by former Federal Reserve Board Chairman Paul A. Volcker, sets forth six basic principles of sound budgeting for states and provides ten recommendations for improved budgetary transparency, including disclosure of 1) the use of one-time revenue sources to cover recurring expenditures, 2) deferrals of spending, and 3) underfunding of infrastructure maintenance and public-worker retirement obligations.
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