The Illinois 2016 Budget is a comprehensive spending plan adopted by the state legislature that outlines the state’s fiscal priorities for the fiscal year 2016. It consists of five main components: General Funds, Public Education, Human Services, Debt Service, and Other Funds. The General Funds are allocated for the day-to-day operations of the state government, including public safety, health care, and other services. Public Education funds are used to support public schools, universities, and libraries. Human Services funds are allocated to support programs for individuals and families in need, including public assistance and health care. Debt Service funds are used to make payments on the state’s existing debt. Finally, Other Funds are allocated to cover various types of capital projects and special purposes. The total proposed spending for fiscal year 2016 is approximately $38 billion, with the majority of the funds coming from the General Revenue Fund ($32.8 billion) and the Education Assistance Fund ($3.9 billion).
Illinois 2016 Budget
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The Illinois Budget Impasse was a 793-day-long budget crisis in the state of Illinois. From July 1, 2015, to August 31, 2017, Illinois was without a complete state budget for fiscal years 2016, 2017, and part of 2018. As a result, many state agencies had to cut services or continue borrowing to operate.
The Illinois State Senate has approved a $50 billion budget, which now heads to the State House. SPRINGFIELD, Ill. -- The Illinois House is planning to work until the early hours of Saturday morning to finalize a $50.6 billion state spending plan for the fiscal year that begins July 1.
Budget Impasse (Availability of Funds): Lessee's timely payment of rent is contingent upon the annual appropriation of funds made available to the Lessee through the passage of a budget by the Commonwealth.
Illinois Senate Bill 2017 (Prior Session Legislation) Bill Title: Creates the FY2022 Budget Implementation Act. Provides that the purpose of the Act is to make the changes in State programs that are necessary to implement the Governor's FY2022 budget recommendations. Effective immediately.
The Illinois State Senate has approved a $50 billion budget, which now heads to the State House. SPRINGFIELD, Ill. -- The Illinois House is planning to work until the early hours of Saturday morning to finalize a $50.6 billion state spending plan for the fiscal year that begins July 1.
Illinois's budget basics ing to the National Association of State Budget Officers (NASBO), Illinois's total expenditures in fiscal year (FY) 2022 were $122.5 billion, including general funds, other state funds, bonds, and federal funds.
The impasse followed a partial roll-back in Illinois' income tax rates on January 1, 2015 that reduced annual state income tax revenues by more than $4.5 billion between fiscal year 2014 and fiscal year 2016.