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Illinois Yearly Expenses by Quarter
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How to fill out Yearly Expenses By Quarter?
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FAQ
Illinois' newly approved $46.5 billion budget is set to temporarily bring financial relief to residents through direct checks, a suspension of grocery taxes and a freeze on the state's fuel tax.
Illinois' newly approved $46.5 billion budget is set to temporarily bring financial relief to residents through direct checks, a suspension of grocery taxes and a freeze on the state's fuel tax. The House voted to approve the budget just before 6 a.m. Saturday, less than two days after Gov. J.B.
The federal budget covers a wide range of expenditures, but most of the tax revenue is spent on just a handful of government programs. The largest portion of tax revenue is spent to support the military, pay for Social Security, and health care programs.
Let's take a look at some of the big pieces.Social Security. Social Security was created to provide income for retired workers over the age of 65 and accounts for a large chunk of mandatory spending.Health Care.Veterans Benefits.National Defense.Transportation.Education.Veterans Benefits.Health.
Illinois' newly signed $46.5 billion budget, which includes $1.8 billion in election-year tax relief and put a $1 billion deposit into the state's rainy day fund, will go into effect in just under three months.
Illinois's budget basics According to the National Association of State Budget Officers (NASBO), Illinois's total expenditures in fiscal year (FY) 2021 were $87.5 billion, including general funds, other state funds, bonds, and federal funds.
Revenues come mainly from tax collections, licensing fees, federal aid, and returns on investments. Expenditures generally include spending on government salaries, infrastructure, education, public pensions, public assistance, corrections, Medicaid, and transportation.
Expenditures Where does the Money Go? As shown in Figure 2, the two largest spending categories in Illinois are health/social services and education, with these two categories comprising approximately 69 percent of expenditures.
Income and sales taxes account for nearly two-thirds of state revenue. Illinois state government expects to spend $39 billion in 2017 $5 billion more than the revenues it will collect, according to data from the Governor's Office of Management and Budget.
