Making the income tax increase permanent, a property tax relief, and adding $50 million to a monetary assistance program for college students in Illinois were all addressed during Gov. Pat Quinn budget speech. Carol Marin talks with Sen. Kirk Dillard from Springfield, and then analyzes the budget address with Managing Director of the Illinois Policy Institute, Diana Rickert, President of the Sargent Shriver National Center on Poverty Law, John Bouman, and Executive Director of the Center for Tax and Budget Accountability, Ralph Martire. Read the full transcript and watch the full address.
According to the proposal, fiscal year 2015 expenditures will be $65.9 billion, with 25 percent of the budget appropriated to Education. Included in the $17.6 billion appropriated for Education is $5 billion of required pension contributions.
Health care and Government Services also make up a large part of expenditures at 28.1 percent and 20.3 percent, respectively. Required pension contributions of $1.2 billion are included in the $14.3 billion appropriated for Government Services.
General Funds—which consists of the General Revenue Fund, Common School Fund, Education Assistance Fund and General Revenue-Common School Special Account Fund—represents a little less than half of total recommended appropriations. General fund expenditures are proposed to be $36.8 billion for fiscal year 2015.
*Appropriations for all funds total $65.9 billion. All funds appropriations amounts cited for each area in this section are before subtracting revolving loans funds.
Fiscal year 2015 revenues are projected to be $64.7 billion, and General Fund revenues are estimated to be $38.6 billion. Major sources of revenue include income and sales taxes, which account for 44.6 percent of all funds revenues and 76.5 percent of general funds revenues.
~Josclynn Brandon contributed to this report.