Illinois Passes $42.2 Billion Budget With Revenue Rebounding (2)

June 1, 2021, 9:11 PM

Illinois’s legislature approved a $42.2 billion budget that draws on an unexpected revenue surge and federal aid to boost spending on schools and efforts to soften the toll of the pandemic.

The budget for the fiscal year that starts in July also increases spending on affordable housing, small business assistance and efforts to help communities rebound from Covid-19. The plan will boost pension contributions for the state’s severely underfunded retirement systems and pay back the outstanding $2 billion it borrowed last year from the Federal Reserve’s emergency lending program.

“All of these achievements collectively mark a significant turning point ...

To read the full article log in. To learn more about a subscription click here.