Gov. Bruce Rauner has 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.”
“I’m signing this legislation because it is a step in the right direction, but it is not perfect,” he said. “We have a lot of work to do before we fully restore the state’s fiscal integrity. We still need to enact reforms that bring down the cost of government, make the state friendlier to job creators, and ignite our state economy so it grows faster than government spending.”
The bulk of the FY19 plan was laid out months ago when the Governor gave his budget address to the General Assembly on Valentine’s Day. It was there that he framed his chief goals for the upcoming fiscal year: spending within our means, and no new taxes.
“I commend Governor Rauner for his leadership in helping get us a budget we can balance,” said Senate Republican Leader Bill Brady.
“This balanced budget was a bipartisan compromise that contains no new taxes and includes full year funding with appropriations for those who rely upon us – schools, universities, corrections, seniors, families, children and the underprivileged,” House Republican Leader Jim Durkin said. “I have always said we can achieve great things when we respect the priorities and principles of our counterparts, and with this new framework I look forward to accomplishing more reforms for the state of Illinois.”
“While not a perfect budget, the bipartisan, bicameral process led to a truly balanced budget that can help restore confidence and a foundation for greater fiscal stability,” said Sen. Heather Steans (D-Chicago).
“This year’s balanced budget is the result of bipartisan negotiations,” said Rep. Tom Demmer (R-Dixon). “It’s a realistic and workable plan that supports schools, social services, and critical programs that serve the people of Illinois. However, our work isn’t done. We still need to push for real reforms that will improve our economic outlook and provide more opportunities and jobs for families across Illinois.”
