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Last Updated: 11/5/2015

Transparency and Accountability in State Budgeting: Challenges for Illinois and Other States

Never has there been such a critical need for improving states' fiscal procedures. Despite a national economic rebound, fiscal strains have continued to dog many state governments—Illinois in particular. This event will be devoted to identifying state budget practices that facilitate public understanding of the true nature, cost, and consequences of tax and spending policy choices—and others that do not.

In his preface to the Volcker Alliance’s recent report, Truth and Integrity in State Budgeting, former Federal Reserve Board Chairman Paul Volcker wrote: "The continued fiscal stress is tempting states to continue, and even intensify, budgeting and accounting practices that obscure their true financial position, shift current costs onto future generations, and push off the need to make hard choices on spending priorities and revenue practices."

Little can be done to undo the consequences of choices in past years to spend more than was flowing in—choices enabled by confusing budget reporting practices. Little can be done to change the brutal reality that states like Illinois still have to adopt some combination of large spending cuts and large revenue increases. But improved budget practices could clarify the need to make the tough choices sooner rather than later and avoid making things even worse.

Monday, 12/07/15
8:00 AM
Registration and breakfast
8:30 AM
Introductory Remarks
Chris Mooney, Director, Institute of Government and Public Affairs
Introductory Remarks
Richard Ravitch, Former Lieutenant Governor of New York and Co-Chairman, State Budget Crisis Task Force
8:45 AM
Results from Recent Research
William Testa, Vice President and Director of Regional Research, Federal Reserve Bank of Chicago
Beyond the Basics: Best Practices in State Budget Transparency
Katherine Barrett, Special Project Consultants, The Volcker Alliance
Richard Greene, Special Project Consultants,, The Volcker Alliance
Improving Budgetary Practices in Illinois
David Merriman, Co-Director, Fiscal Futures Project, Institute of Government and Public Affairs, University of Illinois
Richard Dye, Co-Director, Fiscal Futures Project, Institute of Government and Public Affairs, University of Illinois
9:45 AM
Panel Discussion
William Glasgall, The Volcker Alliance
Scott Pattison, Executive Director, National Association of State Budget Officers
Richard Mattoon, Senior Economist and Economic Advisor, Federal Reserve Bank of Chicago
Jamey Dunn, Executive Editor, Illinois Issues Magazine and WUIS Radio
Lisa Washburn, Managing Director, Municipal Market Analytics Inc.
10:30 AM
Audience Input and Questions
11:00 AM
Event Information
Registration Deadline
Thursday, December 3, 2015
Union League Club of Chicago
Crystal Room
65 W Jackson Blvd
Chicago, IL 60604

8:00 AM - 11:00 AM
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Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, Illinois 60604-1413, USA. Tel. (312) 322-5322

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