Illinois marked 14th straight budget deficit in FY 2015: auditCHICAGO (Reuters) - Illinois’ overall financial condition deteriorated in fiscal 2015 as tax collections fell, with the state recording its fourteenth straight budget deficit, according to an annual audit released on Tuesday. The nation’s fifth-largest state ended fiscal 2015 on June 30 with a general fund deficit that grew to $6.9 billion from $6.7 billion in fiscal 2014, the comprehensive annual financial report by Illinois Auditor General Frank Mautino showed. A temporary income tax hike enacted in 2011 partially expired midway through fiscal 2015, decreasing collections by $1.8 billion. “The state continues to show an inability to generate sufficient cash from its current revenue structure to pay operating expenditures on a timely basis,” the audit said. It also warned that budget deficits, along with growing unfunded liabilities for pensions and retiree healthcare, and credit rating downgrades “may impact the state’s ability to access credit markets to pay operational expenditures more timely and may increase interest costs of those borrowings.”  Illinois, which already pays a big penalty in the U.S. municipal bond market, has the worst-funded pensions and the lowest credit ratings among the 50 states. The state is in its 10th month without a full fiscal 2016 budget due to an impasse between its Republican governor and Democrats who control the legislature.  Lawmakers returned to session this week after their spring break without any deal in sight for a fiscal 2016 or 2017 budget. The state’s liabilities, led by a $108.6 billion unfunded pension liability and $32.5 billion in payments due on bonds, dwarfed nearly $22 billion in assets, including buildings, infrastructure and equipment, resulting in a net deficit of $125.3 billion compared with $121.2 billion in fiscal 2014, the audit said. This left Illinois in the worst shape of the 42 U.S. states that have filed fiscal 2015 audits. Of the seven states that ended the fiscal year with a net position in the red - a list that also includes New Jersey, California and Kentucky - Illinois had the largest overall net deficit. Illinois’ budget stabilization fund was unchanged at $275.7 million, an insufficient amount to address cash management needs, according to state Comptroller Leslie Munger. Her office reported a $6.58 billion unpaid bill backlog on Tuesday. politicsNews
illinois marked straight budget deficit fy auditchicago reuters illinois overall financial condition deteriorated fiscal tax collections fell state recording fourteenth straight budget deficit according annual audit released tuesday the nation state ended fiscal june general fund deficit grew billion billion fiscal comprehensive annual financial report illinois auditor general frank martin showed a temporary income tax hike enacted partially expired midway fiscal decreasing collections billion the state continues show inability generate sufficient cash current revenue structure pay operating expenditures timely basis audit said it also warned budget deficits along growing unfounded liabilities pensions retired healthcare credit rating downgraded may impact state ability access credit markets pay operational expenditures timely may increase interest costs illinois already pays big penalty municipal bond market pensions lowest credit ratings among states the state month without full fiscal budget due impasse republican governor democrats control legislature lawmakers returned session week spring break without deal sight fiscal budget the state liabilities led billion unfounded pension liability billion payments due bonds awarded nearly billion assets including buildings infrastructure equipment resulting net deficit billion compared billion fiscal audit said this left illinois worst shape states filed fiscal audits of seven states ended fiscal year net position red list also includes new jersey california kentucky illinois largest overall net deficit illinois budget stabilization fund unchanged million insufficient amount address cash management needs according state comptroller leslie hunger her office reported billion unpaid bill backlog tuesday politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Illinois marked 14th straight budget deficit in FY 2015: auditCHICAGO (Reuters) - Illinois’ overall financial condition deteriorated in fiscal 2015 as tax collections fell, with the state recording its fourteenth straight budget deficit, according to an annual audit released on Tuesday. The nation’s fifth-largest state ended fiscal 2015 on June 30 with a general fund deficit that grew to $6.9 billion from $6.7 billion in fiscal 2014, the comprehensive annual financial report by Illinois Auditor General Frank Mautino showed. A temporary income tax hike enacted in 2011 partially expired midway through fiscal 2015, decreasing collections by $1.8 billion. “The state continues to show an inability to generate sufficient cash from its current revenue structure to pay operating expenditures on a timely basis,” the audit said. It also warned that budget deficits, along with growing unfunded liabilities for pensions and retiree healthcare, and credit rating downgrades “may impact the state’s ability to access credit markets to pay operational expenditures more timely and may increase interest costs of those borrowings.”  Illinois, which already pays a big penalty in the U.S. municipal bond market, has the worst-funded pensions and the lowest credit ratings among the 50 states. The state is in its 10th month without a full fiscal 2016 budget due to an impasse between its Republican governor and Democrats who control the legislature.  Lawmakers returned to session this week after their spring break without any deal in sight for a fiscal 2016 or 2017 budget. The state’s liabilities, led by a $108.6 billion unfunded pension liability and $32.5 billion in payments due on bonds, dwarfed nearly $22 billion in assets, including buildings, infrastructure and equipment, resulting in a net deficit of $125.3 billion compared with $121.2 billion in fiscal 2014, the audit said. This left Illinois in the worst shape of the 42 U.S. states that have filed fiscal 2015 audits. Of the seven states that ended the fiscal year with a net position in the red - a list that also includes New Jersey, California and Kentucky - Illinois had the largest overall net deficit. Illinois’ budget stabilization fund was unchanged at $275.7 million, an insufficient amount to address cash management needs, according to state Comptroller Leslie Munger. Her office reported a $6.58 billion unpaid bill backlog on Tuesday. politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: illinois marked straight budget deficit fy auditchicago reuters illinois overall financial condition deteriorated fiscal tax collections fell state recording fourteenth straight budget deficit according annual audit released tuesday the nation state ended fiscal june general fund deficit grew billion billion fiscal comprehensive annual financial report illinois auditor general frank martin showed a temporary income tax hike enacted partially expired midway fiscal decreasing collections billion the state continues show inability generate sufficient cash current revenue structure pay operating expenditures timely basis audit said it also warned budget deficits along growing unfounded liabilities pensions retired healthcare credit rating downgraded may impact state ability access credit markets pay operational expenditures timely may increase interest costs illinois already pays big penalty municipal bond market pensions lowest credit ratings among states the state month without full fiscal budget due impasse republican governor democrats control legislature lawmakers returned session week spring break without deal sight fiscal budget the state liabilities led billion unfounded pension liability billion payments due bonds awarded nearly billion assets including buildings infrastructure equipment resulting net deficit billion compared billion fiscal audit said this left illinois worst shape states filed fiscal audits of seven states ended fiscal year net position red list also includes new jersey california kentucky illinois largest overall net deficit illinois budget stabilization fund unchanged million insufficient amount address cash management needs according state comptroller leslie hunger her office reported billion unpaid bill backlog tuesday politicsnews