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Illinois entered a new fiscal year Monday with a bit of a financial cushion as the prior year’s revenues exceeded final projections by about $123 million.
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Gov. JB Pritzker on Wednesday signed the state’s $53.1 billion spending plan for the upcoming fiscal year, the largest in state history.
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The standard exemption increase will mean an extra $69 or so for families of four. The tax credit will once again be tied to inflation after lawmakers last year quietly untied it.
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A state senator who represents parts of Bloomington-Normal said the newly-passed $53.1 billion state budget is about as good a document as can be expected in a difficult year for funding.
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Gov. J.B. Pritzker’s office optimistically put out a statement to celebrate the budget’s spending measure after it cleared the Illinois House. But the revenue measure was trickier.
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Two days after the General Assembly was scheduled to adjourn its spring session, Democrats in the Illinois Senate advanced a $53.1 billion budget to the House Sunday night, where leaders expect it to pass without changes.
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Prtizker’s proposed total expenditure for the upcoming fiscal year is $52.697 billion, with a surplus of $128 million. Pritzker praised the state’s development over the last few years and pledged to pass a balanced budget.
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Illinois State University’s proposed budget for next year totals more than $561 million. That’s an 8% increase in revenues, or a $41 million jump, over the fiscal year 2023 budget that began in July.
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Self-described ‘party pooper’ comptroller eyes socking away even more in coming years
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Expiring temporary tax relief measures were aimed at curbing inflation