FY14 http://wuis.org en Don't Bank On Pension Savings Just Yet http://wuis.org/post/dont-bank-pension-savings-just-yet <p></p><p>With the new year comes the annual process of crafting a new state budget.&nbsp; Money will be tight, despite a pension law that's supposed to save $160 billion dollars over the next 30 years.</p><p>Legislators who voted to cut state employees' and teachers' retirement benefits say they had no choice. Nearly a fifth of the state budget was going into Illinois' pension systems. Meaning there was less money to spend elsewhere. The pension law is supposed to ease that so-called "squeeze."</p> Tue, 07 Jan 2014 13:20:00 +0000 Amanda Vinicky 16429 at http://wuis.org Don't Bank On Pension Savings Just Yet Report: Deficit Expected Even If Tax Hike Stays http://wuis.org/post/report-deficit-expected-even-if-tax-hike-stays <p><span style="line-height: 1.5;">&nbsp;&nbsp;</span>Even if Illinois keeps its higher income tax rate, a new report projects the state is headed toward deficit spending.&nbsp;</p><p><span style="line-height: 1.5;">Illinois residents are paying a 5-percent tax on their income. It's been that way since 2011.</span></p><p>According to a new report from the University of Illinois' Institute of Government and Public Affairs, that tax money helped balance Illinois' budget this year.</p><p>But economist David Merriman, who directed the project, says that won't last.</p> Tue, 29 Oct 2013 21:30:37 +0000 Amanda Vinicky 11953 at http://wuis.org Report: Deficit Expected Even If Tax Hike Stays Despite Level Funding, Quinn Says Pensions Still Squeezing Schools http://wuis.org/post/despite-level-funding-quinn-says-pensions-still-squeezing-schools <p><span style="line-height: 1.5;">After years of state budget cuts, Illinois schools will get roughly level funding under legislation signed into law Thursday. But Governor Pat Quinn says it's still not enough.</span></p><p><span style="line-height: 1.5;">Earlier this year, Quinn said Illinois' budget problems meant the state had to reduce school spending. But lawmakers decided not to cut the education budget, in part because Illinois collected more taxes in April than it anticipated.</span></p> Thu, 27 Jun 2013 21:28:21 +0000 Brian Mackey 4918 at http://wuis.org Despite Level Funding, Quinn Says Pensions Still Squeezing Schools On Schools Budget, Republicans Say Not Enough http://wuis.org/post/schools-budget-republicans-say-not-enough <p>Another key component of the Illinois state budget moved through the General Assembly on Wednesday. The Democrats' spending plan prevents what could have been steep cuts for schools, but Republicans say students outside Chicago are getting shortchanged.</p><p><span style="line-height: 1.5;">&nbsp;&nbsp;</span>Democrats are approving mostly level funding for elementary and high schools in Illinois. That's significant because education spending, like most areas of the state budget, has been cut in recent years. And Gov. Pat Quinn's budget proposal said even deeper cuts would be necessary.</p> Thu, 30 May 2013 11:30:00 +0000 Brian Mackey 3459 at http://wuis.org Democrats Advance Kinder Budget http://wuis.org/post/democrats-advance-kinder-budget <p style="font-size: 16px; margin-bottom: 24px; color: rgb(68, 68, 68); font-family: Georgia, 'Bitstream Charter', serif;">The bulk of a new state budget passed out of the Illinois House Tuesday, and now heads to the Senate. It's far less harsh than lawmakers had been predicting at the start of the legislative session.&nbsp;</p><p style="font-size: 16px; margin-bottom: 24px; color: rgb(68, 68, 68); font-family: Georgia, 'Bitstream Charter', serif;">&nbsp;</p> Wed, 29 May 2013 12:31:00 +0000 Amanda Vinicky 3389 at http://wuis.org Legislators' Budget Plans Expected To Cut Deeper Than Quinn's http://wuis.org/post/legislators-budget-plans-expected-cut-deeper-quinns <p></p><p style="font-size: 16px; margin-bottom: 24px; color: rgb(68, 68, 68); font-family: Georgia, 'Bitstream Charter', serif;">Despite years of cuts to the Illinois state budget ... even more are ahead. &nbsp;Legislators are still deciding where else they can slash spending.</p><p style="font-size: 16px; margin-bottom: 24px; color: rgb(68, 68, 68); font-family: Georgia, 'Bitstream Charter', serif;">&nbsp;</p> Mon, 20 May 2013 11:40:00 +0000 Amanda Vinicky 2913 at http://wuis.org Legislators' Budget Plans Expected To Cut Deeper Than Quinn's