LATE BREAKING: The appropriations measure (SB 2214) was filed late Wednesday afternoon before the close of business and the additional five measures to be filed on Thursday morning.
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SPRINGFIELD – As the beginning of another fiscal year without a state budget looms, Senator Bill Brady (Bloomington) has taken action, introducing a compromise balanced budget, designed to work with reforms introduced today in the House. Brady’s full, balanced Fiscal Year 2018 budget protects the state’s most vulnerable citizens, while reining in spending and setting Illinois on a more firm fiscal footing going forward.
Brady notes that his budget is not new, but rather builds on the budget he introduced earlier this spring, taking into account the bipartisan negotiations that took place in May which Democrats walked away from.
“Throughout months of negotiations I have maintained that Illinois needs a balanced budget. That is what I am introducing,” said Brady. “My legislation, working in concert with the compromise reforms introduced earlier by my colleagues, will provide the people of Illinois with a balanced budget and end this impasse.”
Brady’s proposal includes a total of six budget related bills that contain a balanced $36 billion operating budget for FY18. Additionally, Brady’s plan proposes appropriations to pay off remaining FY16 bills as well as the balance of FY17 appropriations. It also includes a hard spending-cap of roughly $36 billion in general funds.
“I have always said that any deal we pass must be fair to the taxpayers of this state, which is why my budget includes a four-year spending-cap of $36 billion. If our constituents have to live within their means, it’s time for their state government to do the same,” noted Brady.
Under the legislation, the state would be allowed to issue up to $6 billion in revenue bonds to significantly reduce the state’s backlog of unpaid bills, saving the state millions of dollars on late-payment interest costs.
Brady’s budget increases funding for K-12 education by $250 million for the new evidence-based school funding formula, as well as providing a $35 million increase for Early Childhood Education. The budget also includes $156 million in pension parity for Chicago Public Schools while reducing the controversial Chicago Block Grant by $200 million.
“This isn’t another lifeline, stop gap or band-aid budget. This is the real, balanced budget and compromise solution that the people of this state deserve,” said Brady. “It’s time for us to get back to Springfield, do the right thing, and pass this budget.”