Fortner Proposes Higher Ed Stopgap
First I propose that we utilize the Educational Assistance Fund (EAF) as a stopgap to fund the universities through August. The EAF will have about $600 million left in it at the end of the fiscal year on June 30. August is an important time since that is when students return and revenue from tuition, room and board comes to the universities. In SB 2046 (J. Cullerton/Currie), the total appropriation for ordinary and contingent expenses for the state universities and the Illinois Math and Science Academy is $1,079,180,600. This represents a full year appropriation, but there was no identified revenue to pay for it. An equivalent expenditure for four months from May 1 to August 31 would be one third of that, $359,726,867. Read more.