Gov. Bruce Rauner has signed the first full budget of his term into law.
The Republican signed a $38.5 billion budget for fiscal year 2019 into law in a press conference Monday. The bipartisan budget uses money from 2017's income tax increase, but does not further raise taxes.
“I’m signing this legislation because it is a step in the right direction, but it is not perfect,” he said. “We have a lot of work to do before we fully restore the state’s fiscal integrity. We still need to enact reforms that bring down the cost of government, make the state friendlier to job creators, and ignite our state economy so it grows faster than government spending.”
"This budget cuts more than a billion dollars in spending while investing in critical components of Illinois future, like: K-12 and higher education,” said Sen. Chapin Rose (R-Mahomet). “While more work remains to put Illinois on a path to true fiscal health, a balanced budget with no more tax hikes is a good start."
“I am glad we were able to work across the aisle to pass a bipartisan, balanced budget again this year,” said budgeteer Rep. Greg Harris (D-Chicago). “I'm even more glad that our human services agencies, colleges, universities, cities, towns and school districts can provide quality services to Illinoisans without interruption.”
The budget also includes pension reform expected to save roughly $445 million this year, an adoption tax credit, and money to construct a new veteran's home in Quincy.
This budget comes after a two-year budget stalemate ended last summer with a bipartisan override of the governor's veto. Last year's budget also contained a permanent income tax hike.