Budget Analysis: State of Illinois Enacted FY2012 Budget

1615 Words Feb 5th, 2018 6 Pages
When conducting a budget analysis, it is crucial that all the problems areas be locate and that a check of the achieved financial goals be carried out. A budget analysis can be conducted on a monthly, quarterly as well as on a yearly basis. In this paper, we present an analysis of the state of Illinois Enacted FY2012 budget with a view of highlighting its efficiency and deficits.
The state of Illinois Enacted FY2012
The state of Illinois Enacted FY2012 is one of the most recent budgets of the state and ran from July 1, 2011 and ended on June 30, 2012 (The State of Illinois,2011). Even though there was a major increase in tax as implemented in the month of January,2011, the states, General Funds deficit was projected to experience a growth in the FY2012 with the Illinois state continuing to face its financial woes by effectively delaying most of its payments to vendors as well as the local government (The Civic Federation,2011).
Even though the Fiscal year 2012 budget included lower levels of appropriations for the state agencies, the reductions are noted to have been offset by higher amounts of pension contribution as well as debt repayment costs (The Civic Federation,2011) . The operating gap was projected to be larger due to the fact that the Fiscal Year 2012 budget never underfunded at a significant levels Medicaid costs and thereby shifting the necessary…

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