State to Borrow More
Yesterday the Illinois legislature came to an agreement on the budget. There isn't going to be an income tax increase; instead they are going to borrow nearly $3.5 billion against the state's pension system. There as also a bill this week to raise fees for Dept of Ag and DNR services, but that bill was never voted on. If you want to do some light reading go to www.ilga.gov and pull up SB 1292 to see how the budget will be funded. If you want to see where the money will be spent, take a look at SB 1912. There will be more fund sweeps from dedicated state funds.