Budget
A week out from a hectic end to the legislative session, many Capitol insiders are beginning to ask what is next for the legislative proposals big and small that failed during session. The session’s most-watched subject matter was transit funding. With northern Illinois transit agencies facing hundreds of millions of dollars in budget shortfalls this year, officials wanted…
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QUINCY — Comptroller Sheri Ray told the Quincy City Council Monday night that a projected $54.8 million budget for fiscal year 2026 will only have about $51 million in revenue to go with it. But she added that about $4 million in recurring revenues and transfers would cover expenditures. Ray said 50 percent of the…
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QUINCY — Quincy School Board member Richard McNay wants the school district to consider its options on how to proceed with a faulty HVAC system at Lincoln-Douglas Elementary. At Wednesday night’s School Board meeting, McNay showed slides of the leaking freon and clogged filters and coils from a system that is supposed to be self-cleaning.…
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QUINCY — The Quincy School Board has reviewed the school district’s $103.5 million budget and the public will have 30 days to review it before a vote. On Wednesday, board members closed the 30 day public hearing period and then approved the 2024-25 budgets for some of the entities within the QSD 172 umbrella including…
Read Full Article QUINCY — The Quincy School Board met Wednesday night and did some budgetary house cleaning to wrap up the fiscal year that ends June 30. The board approved an amended 2023-24 budget to finish with $98.8 million in revenues and $93.5 million in expenses. The $5.3 million fiscal year end surplus means the district now…
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Illinois House Speaker Chris Welch gave added meaning to the phrase “winning ugly” during last Wednesday’s early morning hours. I’ve never seen anything like it, so let’s take a look. House members were told to be in their seats by noon on Tuesday after the Senate had easily passed the entire budget package on Sunday.…
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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. The fiscal year 2025 spending plan, which came together over a stretch of late nights and closed-door dealmaking, spends…
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When Gov. JB Pritzker proposed his budget for the upcoming fiscal year in February, he sought authority from lawmakers to raise more than $1 billion in revenue through various changes to the state tax code. Among other things, he sought to raise $526 million through extending an expiring cap on losses that corporations can claim…
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Gov. JB Pritzker will give his sixth state budget address this week, laying out his plan for a fiscal year that government forecasters in November predicted is on pace for a near-$900 million deficit unless corrective action is taken. Those same fiscal forecasters in the Governor’s Office of Management and Budget, however, predicted that the…
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With Illinois lawmakers scheduled to return to legislative session in less than a month, a recent government fiscal forecast provides an overview of the budgeting landscape that awaits them. The bottom line from the five-year forecast from the Governor’s Office of Management and Budget: The current fiscal year is now projected to end with a…
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QUINCY — The Adams County Board unanimously passed its 2024 million budget at its meeting Tuesday night. The overall budget of $61,472,277 includes $21.9 million in the county’s general fund, which makes up a majority of salaries and day-to-day operations, and $39.5 million in other funds, including county highway, health and ambulance budgets. The budget…
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SPRINGFIELD – Gov. JB Pritzker’s second-term legislative agenda will kick off in earnest next week as he proposes his fifth annual state budget to lawmakers in the General Assembly. But while a governor’s proposal usually provides the framework for the state’s annual spending plan, it rarely makes it through the General Assembly untouched by lawmakers…
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SPRINGFIELD – Sustained higher-than-predicted state tax revenues have in recent months given lawmakers a level of budgeting flexibility that is, at least in modern times, without precedent in a state with a reputation for perilous finances. For the current fiscal year and the one before it, that’s led to another uncommon Capitol occurrence: budget surpluses…
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QUINCY — The Adams County Board passed a nearly $57 million budget Tuesday night that will use carry-over funds from the current fiscal year to balance. In the final County Board meeting of the current fiscal year, the County’s new budget year begins Dec. 1, the budget passed by an 18-1 vote, with John Brady…
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QUINCY — Quincy Park District officials got their first collective look at the fiscal 2023 budget Wednesday night. The budget shows a planned deficit of $1.84 million, most of which is the planned result of scheduled spending of revenues and fund reserves to pay for upcoming capital projects. The deficit represents 21.4 percent of cash reserves.…
Read Full Article QUINCY — The Quincy School Board unanimously approved the 2022-23 fiscal year budget for the school district. The budget calls for spending $96.1 million with revenues topping the $100 million mark for the first time in district history, thanks to an increase in federal dollars. So if this year’s nearly $4 million budget surplus holds,…
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QUINCY — When Mike Troup took office as Quincy’s mayor last May, he had to work with the budget the previous administration constructed and the City Council had approved. And his first year ended with an unanticipated $9 million in additional tax revenue and $5.4 million in American Rescue Plan Act funding. That led to…
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QUINCY — Quincy Comptroller Sheri Ray presented a first look at the city’s budget for FY 2023 at Monday night’s Quincy City Council meeting. The proposed $47.2 million budget is $2 million lower than the final FY 2022 budget, but is nearly $8 million higher than the budget approved last April. Ray said the budget…
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SPRINGFIELD – A House revenue committee this week heard projections of an Illinois economy that is steadily moving back toward a level of pre-pandemic normalcy, which means revenue spikes realized due to temporary changes in consumer spending habits and federal stimulus packages are expected to subside. Illinois Department of Revenue Director David Harris characterized the…
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