CHICAGO - Illinois Gov. Bruce Rauner signed legislation Thursday to fill a $1.6 billion gap in the state's current-year budget largely with a one-time funding fix. Rauner's signing of HB317 and HB318 followed the Senate's passage of the funding measures Thursday. The House has approved the package earlier in the week.
"As promised, we are eliminating a $1.6 billion deficit without borrowing or increasing taxes on hard-working Illinois families," the new governor said in a statement issued after the Senate vote. "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."
The plan erases only red ink in the fiscal 2015 budget. It remains to be seen how the state will handle its estimated $6 billion shortfall for fiscal 2016.
The bill marks the first cooperative achievement between Republican Rauner and the General Assembly's Democratic majority.
The legislation shifts $1.3 billion from so-called fund sweeps, allowing the state to capture surplus revenues in various non-general fund accounts. It also includes $300 million in spending cuts.
The House approved it on March 24 by a vote of 69-48, with yes votes from members of both parties.
