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"The fact is that
our state simply does not have the revenue to meet its
obligations," Munger told a news conference in Chicago.
Despite the delay, state pension funds will be paid in full by
the time fiscal 2016 ends on June 30 using money from heftier
revenue months in the spring, she said. Illinois has the
worst-funded pensions and lowest credit ratings among the 50
states.
The state is making monthly payments on bonds, which are a top
priority for the limited state dollars, according to Munger. She
said her office is also required under 14 court orders and
federal consent decrees to make payroll and pay for certain
healthcare and social services at fiscal 2015 funding levels
even though fiscal 2016 revenue will be $5 billion less due to
lower income tax rates that took effect on Jan. 1.
Munger urged the governor and state lawmakers to approve a
budget that would allow Illinois to regain its fiscal footing.
The battle between Republican Governor Bruce Rauner and
Democrats who control the legislature has left Illinois without
a budget for the fiscal year that began on July 1.
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