McLean County Times

The process of formulating a state budget for the upcoming fiscal year is in its final stages, with the House and Senate set to adjourn for the summer on May 24. The new fiscal year will commence on July 1. To establish a balanced budget, it is essential to understand the revenue that the state will have at its disposal in the forthcoming fiscal year.

Each month, a report from the Commission on Government Forecasting and Accountability provides information about current revenue figures and future trends. The most recent report indicates some worrying signs. At the federal level, increased interest rates have been implemented to combat persistent inflation. These elevated rates have slowed economic growth by making it more difficult for Americans to purchase homes, vehicles, and certain consumer goods.

This economic slowdown is particularly noticeable in Illinois, where corporate income tax revenue has dropped by 19.7%, resulting in a total loss of $679 million so far this fiscal year. Until now, the state has compensated for this lost corporate tax revenue with funds gathered from individual income taxes – these were up again last month. However, if the economy continues to decelerate, these revenues could be at risk and potentially cause long-term issues for the upcoming fiscal year.

On Thursday, Rep. Bunting had a meeting with Omer Osman, Director of the Illinois Department of Transportation (IDOT), to discuss state highways in their district. The director updated Rep. Bunting on current IDOT projects and future plans.

Rivian has announced plans to expand production of its R2 electric vehicle design at its plant in McLean County. This expansion includes a $1.5 billion investment in Rivian assembly lines in McLean County for building the R2 sport-utility vehicle.

Rivian has received an incentive package valued at $827 million from the state over 30 years, three-fourths of which will come through Illinois’ REV-IL electric vehicle tax incentive program. Additional incentives from state and local government will expand an existing apprenticeship-oriented training program for high school and college students.

On Tuesday, Rep. Bunting was visited at the Capitol by students from St. John’s Lutheran School in Buckley. The students were 7th and 8th graders accompanied by their teacher, Kara Teske, and their chaperone, Shane Stachura.

The current total amount of unpaid bills is $1,278,279,252. This figure changes daily. Last year at this time the state had $1.4 billion in bills awaiting payment.