Wednesday, 23 May 2012 19:34
The Illinois Senate passed a balanced budget for the next fiscal year that spends $255 million less than last year’s, fully funds the state’s pension obligations, and sets aside $1.3 billion to pay old bills. While making across-the-board cuts to most agency budgets, it avoids reductions to K-12 education, MAP grants, and other priorities. The budget uses extra money from special funds to pay vendors like childcare providers and nursing homes. The budget stays within caps established earlier this year based on the state’s expected revenue.
“This budget maintains core priorities like access to quality healthcare and education while paying $1.3 billion in old bills and meeting our entire pension obligation of $5.1 billion for the coming year," said Senator Schoenberg. "It strikes the right balance of fiscal responsibility and preservation of vital services that protect vulnerable populations and help keep our economy growing. This budget passed today spends $255 million less than last year’s as we continue moving toward strengthening the state’s financial health.”



