Budgeting for Results & Pay For Success
Budgeting for Results
Budgeting for Results is a new, data-driving initiative in Illinois that ties the allocation of funds to specific performance measures.
In addition to identifying desired outcomes through public input, these outcomes will be prioritized and priced, with some falling above or below a line which determines what will be funded (depending on how much revenue is available). Click Here for the latest updates regarding Budgeting for Results.
Illinois Partners for Human Service has prepared a one-page fact sheet of the Budgeting for Results process in Illinois. This document highlights what BFR does and why it matters that human service providers have a voice in the BFR process.
Click Here for Illinois Partners for Human Service – Budgeting for Results Fact Sheet
Pay for Success
Pay for Success models (also known as social impact bonds) are innovative projects financed by public-private partnerships in which investors gain from successful outcomes in social programs.
Chicago’s Pay for Success pilot – which increased preschool access to 4-year-olds in low-income households – has already produced promising results. Click here to read about the experiment’s initial success.
Click here to view “The Payoff of Pay-for-Success” report by The Stanford Social Innovation Review