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Charting Illinois's Fiscal Future: Dealing with Structural Deficits and the Implications of High Levels of Future Debt

The conference co-sponsored by the Federal Reserve Bank of Chicago and the Institute of Government and Public Affairs at the University of Illinois investigated the implications of fiscal insolvency as manifested by structural budget imbalance and high levels of state and local debt on government operations and economic growth. The program investigated models for improving budgeting transparency and accountability while examining strategies for unwinding existing obligations while minimizing economic fallout.

A Chicago Fed Letter is available summarizing the event.
Thursday, 06/17/10
12:00 PM
Conference Registration
12:50 PM
Welcome and Opening Remarks
1:00 PM
Session 1: Measuring State and Local Indebtedness: How Much Is Too Much?
Rick Mattoon, Economic Advisor, Federal Reserve Bank of Chicago
Daniel McMillen, Professor, University of Illinois
William Testa, Vice President, Federal Reserve Bank of Chicago
Leslie McGranhan, Economist, Federal Reserve Bank of Chicago
2:00 PM
Session 2: A Conversation on Strategies for Dealing with Fiscal Insolvency: Can New Structure and Governance Promote Fiscal Transparency and Accountability?
Allen Proctor Proctor Consulting, Former Deputy Budget Director, New York City and Executive Director, New York State Financial Control Board
3:00 PM
Session 3: Where Is Illinois Headed? The Fiscal Futures Project
Richard Dye, Institute of Government and Public Affairs, University of Illinois
Nancy Hudspeth, Institute of Government and Public Affairs, University of Illinois
David Merriman, Institute of Government and Public Affairs, University of Illinois
4:00 PM
Session 4: The 800 Pound Gorilla That Got Us into This Problem – Pensions and OPEB
Lance Weiss, Gabriel, Roeder, Smith
Fred Giertz, University of Illinois
Jim Spiotto, Chapman and Cutler
5:30 PM
Friday, 06/18/10
7:30 AM
Registration and Continental Breakfast
8:30 AM
Session 5: Business Climate: Will Higher Taxes or Reduced Government Services Poison the Well?
Nathan Anderson, University of Illinois
Fred Montgomery, Director Federal & State Tax, Sara Lee
9:30 AM
Session 6: If New Revenues Are Necessary, Which Tax Increases Would Be the Least Disruptive to the State's Economy?
Matt Murray, University of Tennessee
10:15 AM
10:30 AM
Session 7: How Do We Create Fiscal Discipline in the Future? Priorities of Government (POG), Washington State's Budgeting Process
Stan Marshburn, Deputy Director, Office of Financial Management, Washington State
Tracy Gordon, University of Maryland
11:30 AM
Session 8: What Other Options Exist for Restoring Illinois to Long-term Fiscal Health?
Lawrence Msall, President, Civic Federation
1:00 PM

Last Updated: 06/28/2010

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