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FY2015 state budget heads to governor

June 1, 2014

Interior of the Illinois State Capitol Building in SpringfieldThe Illinois Senate approved a $35.7 billion fiscal year 2015 state budget late Friday evening, sending the governor a spending plan that neither enacted spending cuts nor included an extension of a 2011 temporary tax increase.

The higher education piece of the overall state budget, or HB 6094 (HA 1), was passed by both chambers and moves to the governor for his signature. That bill reduces the Northern Illinois University general funds appropriation by $223,100 (0.24 percent) from $93,412,600 to $93,189,500.

Illinois Governor Pat Quinn said in a statement that the General Assembly “didn’t get the job done on the budget,” postponing the so-called tough decisions.

The state’s five percent temporary income tax rate is set to be rolled back to 3.75 percent on January 1, causing a $1.8 billion revenue shortfall in the final six months of the fiscal year. Indications are that the General Assembly will take another look at the tax issue after the November election during the veto session.