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McLean County Times

Saturday, November 23, 2024

GOMB projects State budget deficits in FY25 and following years

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State Representative Dennis Tipsword (il) | Representative Dennis Tipsword, Jr. (R) 105th District

State Representative Dennis Tipsword (il) | Representative Dennis Tipsword, Jr. (R) 105th District

The Governor's Office of Management and Budget (GOMB) has released a report projecting long-term spending and tax revenue trends for the state of Illinois. The report highlights compounding increases in expenses such as health care costs, pensions, and education funding. The GOMB predicts that the general funds budgeted spending, including pensions, will rise from $48.3 billion in FY24 to almost $55.8 billion in FY29.

To address these deficits, Illinois is focusing on building up its Budget Stabilization Fund, also known as the rainy day fund. The fund currently holds more than $2 billion in cash and cash-equivalent funds. House Republicans have warned that the state's spending has outpaced core revenue growth in recent years, and that one-time revenue sources have been relied upon to fund new and existing programs.

Illinois has a concerning history of public corruption, with several elected officials being convicted or awaiting trial. In an effort to combat this issue, the State Police has created an online form for citizens to report criminal misconduct by elected officials and government employees. This includes activities such as requesting under-the-table payments or favors in exchange for governmental services or preferences. The form is part of the Special Investigations Unit's efforts to detect and address public corruption.

The Illinois Department of Commerce and Economic Opportunity has announced a new grant program called Back 2 Business (B2B) NewBiz. This program aims to provide financial relief to businesses that started during the COVID-19 pandemic in industries that were most impacted by it. The grants are specifically for businesses that have not been eligible for state grants and most federal emergency support. Business owners can apply for the B2B NewBiz grant on the grant portal until January 11, 2024.

The first weekend of the firearm deer harvest in Illinois showed an increase in the number of deer taken compared to the previous year. Licensed hunters reported the taking of 53,348 deer to the Illinois Department of Natural Resources, a 2% increase from the same weekend in 2022. The IDNR operates a website with updates on the remaining deer hunts and hunting periods for the 2023-24 season.

As the Christmas holiday season approaches, the Illinois tourism department, Enjoy Illinois, has put together a package of website pages to highlight the holiday festivities in the state. The package includes information on Hanukkah, which begins on December 7 and continues until December 15, and Kwanzaa, a celebration of African American culture, which starts on December 26 and ends on January 1. Many communities in Illinois have organized Christmas-themed displays and celebrations, and Enjoy Illinois has provided itineraries and travel suggestions for the suburban Chicago area, Downstate Illinois, and the city of Chicago.

In Peoria, the new Corn Belt Ports Regional Office had its grand opening. This office is one of four regional offices on the Upper Mississippi River System and will also house the Heart of Illinois Regional Port District and the newly established Illinois Waterway Ports Commission. Corn Belt Ports has been instrumental in supporting regional economic development and expanding support for waterborne commerce along the Upper Mississippi River and Illinois Waterway. The establishment of the ten-county Illinois Waterway Ports Commission in 2023 aims to further enhance these efforts.

In conclusion, Illinois is facing budget deficits in the coming years, with increased spending in key areas. Efforts are being made to address these deficits, including building up the rainy day fund. The State Police is taking steps to combat public corruption by creating an online form for citizens to report misconduct. The B2B NewBiz grant program provides financial relief to businesses impacted by the pandemic. Deer hunters in Illinois have reported an increase in the number of deer taken during the first weekend of the hunting season. As the holiday season approaches, Illinois is gearing up for Christmas, Hanukkah, and Kwanzaa celebrations. Finally, the opening of the Corn Belt Ports Regional Office in Peoria marks a significant milestone in the state's economic development.

To learn more, click on this link: https://reptipsword.com/2023/12/04/reporting-public-corruption-business-grants-cornbelt-ports-and-more/

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