Senate passes balanced budget, without tax hike
On May 30, the Senate voted 56-2 to pass a $38 billion spending plan for Fiscal Year 2019. Senator said much of the credit goes to the budgeteers who spent many hours hammering out the details, and to the legislative leaders who worked together to support the compromise.
The budget passed by the Senate cuts more than $1 billion in spending; delivers $350 million more in K-12 school funding through the evidence-based model; boosts early childhood education by $50 million; cuts $445 million in pension liability; and rejects a proposed pay increase for lawmakers.
This budget also includes needed capital:
- Fully-funds the Governor’s Fiscal Year 2019 capital program.
- Includes $2.5 billion for IDOT’s road program, which will create jobs and improve roads.
- Provides $500 million for the University of Illinois Discovery Partners’ Institute (DPI).
- Includes $53 million for first-year costs to construct a new Quincy Veterans Home.
- Allocates $600 million for statewide deferred maintenance, with $100 million of this amount going toward needs at institutions of Higher Education.
- Provides $1 million to start a port redevelopment effort in Cairo.
A supplemental spending bill for Fiscal Year 2018 will also fund agency operations, including $405 million for the Department of Corrections. It also includes $63 million for AFSCME back pay.
Rezin said the bipartisan passage of a balanced budget represents major progress, and he/she looks forward to a continued spirit of cooperation in working to pass commonsense government and business reforms that will help boost economic development and jobs in Illinois.
Fiscal Year 2019 runs from July 1, 2018, through June 30, 2019.