FY 2014 Budget
The legislature sent to the Governor a record $35.4 billion state General Funds budget that is $1.7 billion higher than the FY13 budget as adopted a year earlier.
The FY 14 budget, which runs from July 1, 2013 to June 30, 2014, is based on a matching revenue estimate of $35.4 billion. However that is a $365 million increase over the original bipartisan Commission on Government Forecasting and Accountability (COGFA) estimate.
In order to arrive at that figure, $65 million was added to the estimate by reducing the projected income tax refund rate and $300 million was added in by draining a surplus in the tax refund fund.
The budget increases education spending by $140 million over last year (FY13) and $446 million over the Governor's original FY14 budget proposal. This includes $305 million added to the Governor's plan for General State Aid – restoring $150 million the Governor originally sought to cut from General State Aid and adding another $155 on top of that.
This will allow a Foundation Level Grant of $5,720 per student, which remains a $233 per student cut from the FY13 Foundation Level.
The budget contains a long list of questionable earmarks, including the Neighborhood Recovery Initiative (Subject of a CNN investigation), "Grow Your Own Teachers" (which spends more on each teacher it graduates than the cost of a Yale University education); $350,000 for unnamed "targeted initiatives," and $10 million washed through the Illinois Criminal Justice Information Authority budget to be used for an "After School Program."
The budget also does nothing to correct the significant funding inequities uncovered by Senate Republicans and continues to obscure how state education dollars are allocated to school districts across the state.
Read the Senate Republican Staff complete analysis of the Fiscal Year 2014 Budget. Also available are copies of the Governor's official budget and capital construction books.
Senate GOP Analysis of the FY2014 Budget
Governor's Budget Book
Governor's Capital Funds Budget Book