Illinois House Republican Leader Jim Durkin (R-Western Springs) and Illinois Senate Republican Leader Bill Brady (R-Bloomington) filed joint resolutions today to adopt a revenue estimate in order to begin the budgeting process for fiscal year 2019.
House Joint Resolution 124 adopts a revenue estimate of $37.672 billion for fiscal year 2019, based on the estimate provided by the Commission on Government Forecasting and Accountability (COGFA)
“This resolution, and the need for a revenue estimate, is an important step forward as it will help the budgeteers that are currently meeting to work toward a balanced budget,” said Senate Republican Leader Bill Brady.
A revenue estimate is required by state law:
- The House and Senate by joint resolution shall adopt or modify such estimates as may be appropriate. The joint resolution shall constitute the General Assembly’s estimate, under paragraph B of Section 2 of Article VIII of the Constitution, of funds estimated to be available during the next fiscal year (25 ILCS 155/4(a))
- It is also required by Subsection (b) of Section 2 of Article VIII of the Constitution of Illinois:
Appropriations for a fiscal year shall not exceed funds estimated by the General Assembly to be available during that year.