Series of November 2019 Capital Bonds
BEAL
THE STATE
AUG 9 1818
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Fiscal Year 2020 Operating Budget – A Balanced, Bipartisan
Budget that Marks a New Era of Fiscal Stability
The estimated $40.1 billion fiscal year 2020 budget begins to pay down Illinois' debt and return the State to
fiscal stability.
Balanced
The updated budget forecast for FY 2020 estimates an approximately $184 million surplus, which
includes the estimated $100 million from interfund borrowing
Makes key investments
Increases K-12 Evidence-Based Funding by $378.6 million
Increases Early Childhood Education funding by $50 million, a record high
Full appropriation for the state retirement systems as required by Illinois law
Revenue Changes
✓ $500 million from MCO assessment, providing budgetary relief to GRF through reduced transfers to the
Healthcare Provider Relief Fund
$175 million from a tax amnesty program: runs October 1 - November 15, 2019
$120 million from decoupling from the federal deduction for repatriated income
✓ $40 million from authorizing a marketplace facilitator to improve online sales tax collections at
marketplaces
✓ Authorizes $1.2 billion in backlog borrowing to achieve interest savings
OF ILLINOIS
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