CHICAGO — Illinois Gov. Pat Quinn wants to push back the scheduled Feb. 19 release of his fiscal 2015 budget until March 26.
The move is being sought to allow the state to craft both a budget and present a five-year plan, according to Quinn's office.
Quinn is expected to outline in the budget how he wants to deal with the loss of revenue from the partial expiration of a 2011 income tax hike midway through fiscal 2015.
The governor's three-year projections warn of a $4 billion in fiscal 2016 due to the revenue drop.
The Commission on Government Forecasting and Accountability on Tuesday offered a forecast that warned of a nearly $1.6 billion drop in revenue in fiscal 2015 due to the looming drop in the income tax to 3.75% from 5% on Jan. 1. The new fiscal year begins July 1. Revenues are expected to total $34.4 billion in fiscal 2015, according to the commission.
Quinn, a Democrat up for re-election, has not taken a stance on whether the tax should be extended, made permanent, or allowed to expire. If it is allowed to expire, Quinn hasn't suggested a replacement revenue or said whether the state should cut spending.
The delay would push the budget's unveiling until after the March primary ahead of a November general election. Quinn and all constitutional officers are up for re-election as is one-third of the Senate and all House members. Budget announcements in recent years have been pushed off as the state's fiscal strains have grown.
Republicans are pushing for the state to cut spending and allow the tax to expire on schedule. They accused the governor of playing politics with the budget by delaying the decision.
