The House convened at 9:00 this morning followed by the Senate at 10:00. The House is currently in recess for Republican and Democratic Caucuses. The Senate will soon recess with the Senate Executive Committee scheduled to meet at 10:30. Things are happening very quickly here and it appears that both Chambers are on track to pass a Stop Gap Budget Measure providing the State with a State Operating Budget for Six Months. The agreed upon proposal includes monies for higher education, social services, K-12 education and state government operations.
There are a number of bills that have been filed and that are moving through the processes very quickly in order to meet Constitutional Requirements. It appears as if Senate President Cullerton’s bills will be the vehicles for the budget agreement. The roadblock to the agreement has been bridged-funding for Chicago Public Schools. CPS will receive $300 million more this fiscal year than it did previously. Additionally, legislation will authorize CPS the taxing authority to levy another $250 million from property tax payers. That’s an additional $550 Million from state and local taxpayers for CPS.
While things are moving very fast to tie everything together and get it passed before this evening’s deadline with the expiration of the FY 2016 Fiscal Year, new revenues have not been part of the discussions for this six month budget. As a part of the deal package, the leaders have agreed to pass pension reform before January, vis a vi adopting President Cullerton’s consideration theory. More to follow on that.
We continue to closely monitor the budget negotiations. Here is an up-to-date tacking report of appropriations bills that are in play http://www.hannah-il.com/Report_Custom.aspx?sid=6Xo2YrORsfQ%3d&rid=n1K86vXwFw4%3d
MARTY GREEN, ESQ
Vice President Government Relations, Illinois CPA Society
524 South Second Street, Suite 504, Springfield, Illinois 62701
Phone: 217.789. 7914| Fax: 217.789.7924
Email: email@example.com | Web site: www.icpas.org