budget

mikefrerichs.com

The state treasurer says Illinois Gov. Bruce Rauner must go to New York to talk bond-rating houses out of knocking the state's creditworthiness into "junk" status.

Democrat Michael Frerichs said in Chicago Monday that the Republican governor should commit to the $36 billion spending plan the General Assembly adopted last week over his vetoes.

It includes a $5 billion income-tax increase. It's the first budget Illinois has had in two years because of political disagreements. Bond houses have threatened to knock Illinois' rating down to "junk" even with the budget deal.

Democratic state senators rejected a push by Republicans to give Governor Bruce Rauner powers that would allow broad spending cuts.  

city of Rockford

Members of Rockford's Finance and Personnel Committee forwarded a budget plan to address a  $5.3 million shortfall to the full city council.

Flickr user 401(K) 2012 / "Money" (CC v. 2.0)

Illinois’ top politicians are divided on how to end their feud over passing a full budget. 

Republicans are holding out for Governor Bruce Rauner’s agenda.  It includes changes to workers compensation and imposes term limits on lawmakers.

House Minority Leader Jim Durkin says Republicans will be happy to talk about balancing the budget if these measures are implemented. 

Winnebago County’s Finance Committee failed to agree on a balanced budget Tuesday.  

The county has a deficit of more than $7 million. Officials say this is due to increased employee salaries, as well as funds paid out by arbitration.  They say one example is that since police aren't allowed to strike, an arbitration court decides the amount awarded in the case of an impasse.  

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