Latest News

BUDGET
Moody's cites 'positive' moves in new Illinois budget. The fiscal 2019 Illinois budget enacted last week includes a voluntary pension buyout plan and a boost in school funding, which are credit-positive moves for the relatively low-rated state and its school districts, Moody’s Investors Service said on Monday.

The $38.5 billion budget for the fiscal year that begins on July 1 incorporates $423 million in savings that would be generated by current or former public-sector workers choosing to accept a buyout of their pensions or a retirement benefit in exchange for cash raised by the sale of up to $1 billion of state general obligation bonds.
The fiscal 2019 Illinois budget enacted last week includes a voluntary pension buyout plan and a boost in school funding, which are credit-positive moves for the relatively low-rated state and its school districts, Moody’s Investors Service said on Monday.

The $38.5 billion budget for the fiscal year that begins on July 1 incorporates $423 million in savings that would be generated by current or former public-sector workers choosing to accept a buyout of their pensions or a retirement benefit in exchange for cash raised by the sale of up to $1 billion of state general obligation bonds.

“The state’s buyout offer is credit positive because it will generate significant pension liability savings to the extent that employees accept the offer,” Moody’s said, adding that actual savings could fall short if participation fails to meet targets of 22 percent of vested former workers and 25 percent of retiring current workers. Read the rest of the story.

BUDGET
FY19 budget passed with bipartisan support and signed into law. On Monday, Gov. Bruce Rauner signed into law a $38.5 billion bipartisan compromise budget that holds the line on taxes, increases funding for education, curbs spending, and creates a new adoption tax credit that will make it less costly for Illinois parents to adopt children.

“For the first time in years, we have an opportunity to manage our way into balance, and we don’t have to dip into the pockets of overtaxed Illinoisans to do it,” Rauner said. “Balance is in reach because we were able to accomplish $445 million of pension reform and the economy is stronger thanks to federal tax reform, and we are benefiting from an unexpected boost in tax receipts.”
Gov. Rauner signed into law a measure that will increase independence in the investigation of legislative ethics complaints in Illinois. This new law, which makes significant reforms to the Legislative Ethics Commission and Office of the Legislative Inspector General, changes the process of handling ethics complaints to provide those who would come forward greater confidence that their concerns will be reviewed in a timely, transparent manner.

“This bill is a victory for the heroic women who have stepped forward to take on the culture of fear, abuse and retaliation that permeates too much of state government. Illinoisans should applaud this improvement and champion the women who stood up to Illinois’ political power structure in order to make this change happen.” Rauner said in his signing message. “Through their courageous words and actions, they have declared that the culture in Springfield must change.”
On Monday, Rep. Randy Frese applauded the Governor for
including $53 million in the budget for improvements
 at the Illinois Veterans Home in Quincy.
Gov. Bruce Rauner announced today that Stephen Curda, Ph.D. has been named director of the Illinois Department of Veterans’ Affairs (IDVA). He takes over from Elisabeth Pennix, who returns to her duties as IDVA’s General Counsel. The appointment is effective today.

“Stephen Curda is a proven leader with years of experience serving our military and veterans as well as his own deployment to Afghanistan and Iraq,” Rauner said. “He has served over 30 years in the military on active duty, Reserve and the Guard, recently retiring as a Brigadier General. His exceptional work in strategic planning, development and program implementation will positively contribute to the IDVA and provide the best services for our state’s heroes.”
"I have always said we can achieve great things when we
respect the priorities and principles of our counterparts."
 ~ Leader Jim Durkin on the FY19 Budget
Gov. Bruce Rauner today signed into law a $38.5 billion bipartisan compromise budget that holds the line on taxes, increases funding for education, curbs spending, and creates a new adoption tax credit that will make it less costly for Illinois parents to adopt children.

“For the first time in years, we have an opportunity to manage our way into balance, and we don’t have to dip into the pockets of overtaxed Illinoisans to do it,” Rauner said. “Balance is in reach because we were able to accomplish $445 million of pension reform and the economy is stronger thanks to federal tax reform, and we are benefiting from an unexpected boost in tax receipts.”

Hours before the deadline, the Illinois House of Representatives concurred with the Senate and overwhelmingly passed the Fiscal Year 2019 state budget. The bipartisan-crafted budget expends $38.5 billion, less than the $40 billion proposed by the Democrats and is on its way to the Governor for his signature.

The House Republicans came to the negotiating table with the goal of leaving with a balanced full-year budget that contained no tax increases and were successful in achieving that goal.