|
 Rauner, a Republican who takes office on Monday, has blasted
Illinois' budget practices, which have led to huge unpaid bill
backlogs and a $105 billion unfunded pension liability, as
irresponsible and dishonest. But his team's report shed little light
on exactly what the former private equity investor should do to fix
problems.
"An effective plan will include spending cuts, efficiencies,
comprehensive tax reform, and many changes that, over time, will
require difficult choices and shared sacrifice," the report said.
It added that while the team was not ready to provide specific
recommendations on budgetary solutions, "Illinois’ ability to chart
a more prosperous course hinges upon our addressing the state’s
dismal fiscal condition."
 The report laid out recommendations in several areas, including
economic development, infrastructure, public safety, health and
human services and education, where the transition team called for
devising a new funding formula.
It also said Illinois' lack of a stable financial environment was an
impediment to job growth.
"Business executives are wary of being responsible for bailing out
the state when the bills come due," the report noted.
Illinois has the worst-funded public pension system and the lowest
credit ratings among all 50 states.
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"The state of Illinois is in a death spiral and in desperate need of
a turnaround," Rauner said in a statement. "I look forward to
reviewing these recommendations to ensure my administration can hit
the ground running."
(Reporting by Karen Pierog; editing by Matthew Lewis)
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