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The 32-26 Senate vote followed House passage of the measure
on Tuesday. The bill now heads to Governor Bruce Rauner, who
said he plans to sign it into law as soon as possible.
"As promised, we are eliminating a $1.6 billion deficit without
borrowing or increasing taxes on hard-working Illinois
families," the Republican governor said in a statement. "By
choosing to make difficult decisions on a bipartisan basis, the
General Assembly is helping set a new tone for what can be
achieved in Springfield."
Democrats, who control both the House and Senate, are unlikely
to support Rauner's $32 billion fiscal 2016 budget, which
includes $6.6 billion in spending cuts and savings from proposed
pension changes. The new fiscal year begins on July 1.
Under the bill, $1.3 billion of the state's fiscal 2015 budget
deficit would be filled through transfers from various funds,
including ones used to finance roads. It also gives Rauner the
ability to transfer some funds between agencies, and use a $97
million lump-sum appropriation to help school districts unable
to handle the 2.25 percent funding cut and another $90 million
to plug unanticipated budget holes.
The legislature also sent the governor an appropriations bill
that provides funding for services that were running out of
money well before the fiscal year ends on June 30, including for
prison guards, court reporters and childcare.
Illinois' credit ratings at the bottom of the A-scale are the
lowest among the 50 states and carry negative outlooks that
could tip the state into the low-investment grade level of
triple-B.
A structural budget deficit, a $105 billion unfunded pension
liability and revenue loss from the partial rollback of
temporary income tax rates are key factors in the state's low
credit ratings.
(Reporting by Karen Pierog; editing by Matthew Lewis)
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