On his path to becoming Illinois’ next governor, equity investor Bruce Rauner boasted he would be able to fix the state’s massive financial problems, assuring voters “I’ve been a success at everything I’ve done,” according to a Chicago Tribune report.
As the Republican prepares to take the reins of power Jan. 12, that campaign theme is sure to be severely tested. Here’s a taste of what he faces:
• Some state agencies are expected to run out of money for critical services little more than a month after he’s sworn in. That’s because the Democrat-approved budget Rauner inherits may be short at least $1.4 billion.
• Rauner will have to put together a new budget a month or so after the bulk of the state’s temporary income tax hike expired. As a result, revenues flowing into the state’s general checking account — the one tapped to fund schools, health care, prisons, pensions and many other services — are projected to drop from nearly $37 billion in the last budget year to under $32 billion in the coming one, analysts say.
• Meanwhile, the accumulated deficit in that main state account — the red ink that at least in theory should be erased before paying for anything else — is expected to almost double to $12.7 billion. That figure includes $6.8 billion in unpaid bills.