House of Representatives Approves Balanced Budget

Today, a balanced budget plan was adopted by the House of Representatives through HB109. The budget includes $38.520 billion in expected State revenue, while accounting for $38.502 billion in spending.

No tax increases, prioritized spending and pension reform helped contribute to the balanced budget that supports those who rely on the state, providing ample funding to programs that support to the state’s universities, families, seniors, and the underprivileged. A few of the new funding measures in the bill will go to education initiatives. This includes a $350 million increase to the education funding formula compared to last year, which will go to K-12 education across the state. Also included is $50 million in support for Early Childhood Education, and a merit-based scholarship program called AIM HIGH, that is funded by $25 million in state dollars, with a matching $25 million from universities to help retain Illinois students. In addition, a new state income tax credit will be available for those who adopt a child.

State Representative Steve Andersson (R-Geneva) voted in favor of the budget bill. “This is a common sense budget,” said Andersson. “This came together through a bipartisan effort, and it is a product of good, honest negotiations. New necessary programs were created to benefit our state, while spending within our means.”

The budget was approved yesterday in the Senate, and today in the House of Representatives on the last day of legislative session.

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