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Budget Process Begins In Springfield

Tue, 25 Feb 2014 16:47:32 CST
By: AP

The Illinois House says the state will have $34.5 billion to spend in the upcoming fiscal year. Lawmakers approved a resolution for 2015 spending today. Marion Democrat John Bradley is the chairman of the Revenue and Finance Committee. He says the number factors in the January 2015 expiration of the state's temporary income tax increase. The current Illinois budget has $35.6 billion in revenue. Bradley says budgeters will be cautious and prudent this spring. Lawmakers face an anticipated $3 billion budget hole that comes from the expiration of the tax increase as well as about $1.3 billion in increased costs to required programs and services.

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