Pay hikes signed into law, but there’s more to the new BIMP than that

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* SJ-R

With a few hours to spare, Gov. JB Pritzker announced today that he signed Senate Bill 1720 which amends the 2023 Budget Implementation Act and provides salary increases for members of the Illinois legislative and executive branches.

For the measure to go into effect, the governor had to sign the bill by noon today since pay raises for state officeholders during a term of office are barred by the state constitution. Before 10 a.m., Pritzker announced that he had signed SB 1720. […]

State Sen. Elgie Sims, Jr., D-Chicago, detailed several provisions the bill also includes in addition to the pay raises: $850 million to state’s rainy day fund, $400 million transfer from the state’s General Fund to the Large Business Attraction Fund and $72 million to the Disaster Response and Recovery Fund.

The bill is here.

* Comptroller Mendoza has more…

The following statement is from Illinois Comptroller Susana A. Mendoza regarding SB 1720, which passed the Illinois General Assembly Sunday.

“I applaud state lawmakers and Gov. Pritzker bolstering the state’s Rainy Day Fund with $850 million as part of the Budget Implementation bill passed by the House Friday and by the Senate tonight. Responsible budgeting tells bond-rating agencies that Illinois remains a good investment and is worthy of more upgrades. As we brace for inflationary pressures, having emergency funds in reserve means Illinois leaders are being accountable fiscal stewards for taxpayers.

“SB 1720 also increases the savings cap for the fund to 7.5% of General Funds revenue – up from 5%. This increase in our savings goal is a great step and is something I asked for in my bill, HB 5851, sponsored by Sen.-elect Michael Halpin. I will continue to push for the passage of HB 5851, which makes funding the Rainy Day Fund and the Pension Stabilization Fund a permanent obligation, with automatically triggered deposits.

“I look forward to continued work and progress in righting our fiscal ship, and once again I thank everyone who crafted and voted for these latest wins.”

The governor, however, can now order budget stabilization fund money transferred to the Large Business Attraction Fund.

There are also grants to local chambers of commerce for lost pandemic revenue. $460 million in Hospital Pandemic Recovery Stabilization Payments will be disbursed. Grants to the Ronald McDonald House Charities Fund go from “subject to appropriation” to “shall make grants.” The Illinois Police Training Board can make grants, subject to appropriation, for local police hiring and retention.And the Senate will now have the same authority to charge members for the “preparation, filing, and reproduction of non-substantive resolutions.”

CF

via Capitol Fax.com http://capitolfax.com

January 9, 2023 at 02:43PM

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