More Revenue Shortfalls
- The private firm managing the Illinois Lottery could fall short of promised revenues for the third straight year, prompting calls to re-evaluate the state's relationship with the company.
Northstar Lottery Group is on pace to wind up more than $200 million off target for the fiscal year ending in June, prompting concern among officials who oversee the lottery as well as lawmakers such as state Senate President John Cullerton, D-Chicago, one of the chief architects of the move toward private management.
"I'm extremely disappointed by the lack of performance," Cullerton said in a written statement. "The whole idea here was that a private manager would be able to deliver substantially better performance for the state."
Well John, maybe since you were the "architect" of privatizing the lottery, you should be the one answering the questions, not asking them. What made this particular company so attractive? Who lobbied for Northstar? Which relatives of Illinois politicos or political contributors were the go-between for this disaster?
Illinois is going to need a bunch of money shortly, seeing as how Moody's just launched a broadside at Springfield:
Illinois is going to need a bunch of money shortly, seeing as how Moody's just launched a broadside at Springfield:
- Moody's weighed in on a decision by Illinois lawmakers to punt on extending the state's income tax hike, saying revenues will plummet by an estimated $1.8 billion, forcing it to rely on "credit negative" practices.
Lawmakers' failure before adjourning last weekend to grapple with the revenue shortfall from an income tax hike sunsetting, will lead "to a structural deficit that could cause the lowest-rated state to rely on credit negative practices. This could include increasing an already large backlog of unpaid bills to achieve balanced financial operations, reversing the progress of recent years," Moody's said today in a report.
Doomed.
Labels: money questions
posted by SCC at 12:01 AM
17 Comments:
I am not a fan of Rauner, but for the love of Mike, Quinn, how do you contract with a company that loses money promoting the lottery?
They're going to put off the (permanent) income tax hike until after the election.
John Cullerton already got his finders fee for getting this company the contract to run the state lottery. The politicians in this state would make Al Capone blush.
State needs to put workers on 3 day work week for next few years. Pay cut sucks but only way to fix mess is cut payroll. It's the biggest expense in budget. At least no one gets laid off. I know, easy to say with a job in demand, VRI CTA court etc. but I don't work for the state. Unless they start selling state land and other assets. They to incompetent to attract industry to the state.
Or bring blago back and put him in dunk tank 10 hours a day and charge $25 for 5 attempts to dunk him. Fucker would love the attention and state could make a buck.
Hmmmm. $1,5000,000 to Quinn. Nothing to see here folks. Move along..
http://watchdog.org/40282/ilshn-il-lottery-contracts-marred-by-conflicts-of-interest/
Hahahahah. I love how these jagoffs come up with these failed programs and then act like its the first they ever heard of it ! We are so screwed.
Motherfuckers in Springfield are terrified!
They intentionally let the increase sunset and put off doing anything until after the elections...
Craven self-serving wretches...
When was the last time anyone in this state won a Mega Millions or Powerball Grand Prize? Hint: George Ryan was Governor. When was the last time you won $5? Meanwhile in W VA 1 in 200,000 has won a Grand prize. These games are too 'fixed'
Last weekend the family and I took a short trip down to Louisville. We stayed on interstate 65 and local roads in Indiana for most of the way down. All of the roads, even the small back country ones, were smooth and clean. On the way back, crossing into Illinois, it was like bam! The roads were rough and filthy! The small cheap cardboard looking sign welcoming you into Illinois on one of the countries busiest thoroughfares, as opposed to Indiana's grand archway, might as well have said welcome to the state of Fiscal Irresponsibility! What an embarrassment!
I believe that the Lemonade Stand Tax is supposed to make up for the shortfall.
Leave this job, city, county and state as soon as you can with as much as you can
There are times I have poor performances.
Maybe it's time for the little blue pill.
Re: Credit Downgrades.
Yep, that's what decades of democRATic administrations will get ya.
Remember folks. This is the company that underbid it's competition then right after they won the contract they demanded that the bid price be raised to the level that the competition they beat-out made.
Google it!
Several of the old times have stopped buying lottery tickets here. They say that the winners have gone way down since the new company cut the odds.
The wait until someone is going to Indiana or Wisconsic to play.
That lost 200 million is 1/3 of what the city needs for our pension balloon payment. Too bad they didn't make that money..........
>>>>'Others are concerned about the effect the shortfalls have had on the state's ability to fund a $31 billion capital improvement program that relies heavily on lottery profits. ~~~ "The construction program that has put thousands of people to work ... was in large part financed on Northstar's claims that it could deliver," Cullerton said in his statement. ~~~~ 'The state counted on Northstar's profit goals when it budgeted for capital improvements...' <<<<
Son-Of-A-Bitch! What-The-Fuck is wrong with these IMBECILES!?!
Don't they ever goddamn learn. We've been there before a hundred goddamn times! You don't spend money that you don't fucking have!!! How the hell can they "rely" on revenue that comes from GAMBLING??? It's not a fixed amount, it varies, especially now with numbnuts in the White House fucking the economy like that's his job. We're all broke you assholes.
Jesus fucking Christ! Is there any motherfucker in Springfield with an IQ above fucking 70!?!? I don't think so!
Dammit to hell. No wonder Illinois is goddamn broke, a bunch of fucking morons running the state.
(I have a sudden urge to beat the shit out of someone!!!) (/s)
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