Wednesday, March 29, 2017
Brady Budget Bill
Brady’s proposal provides for selling revenue bonds totaling $6 billion to significantly reduce the state’s backlog of unpaid bills and saving the state millions of dollars in late-payment interest costs. The overall proposal will take the total owed back to the June 2015 level of about $4.4 billion. The proposal also includes a hard-spending cap of roughly $36 billion in general funds.
It fully funds the school aid-formula and includes many of the budget-balancing measures proposed by Governor Rauner in February, including the $1.3 billion in pension reform savings, sale of the James R. Thompson Center in Chicago and $435 million savings in restructuring of the state employee group health insurance program. It also includes new across-the-board cuts totaling nearly $800 million and holding MAP grants to their current level.