Fiscal Focus Quarterly

              FISCAL FOCUS QUARTERLY
QUARTERLY • SEPTEMBER 2004 ISSUE
SEPTEMBER 2004
After a record breaking overtime session, the Governor signed
the fiscal year 2005 budget into law as Public Act 93-842 on July
30, 2004. Additionally, four other budget implementation bills were
enacted that include fiscal year 2005 tax, fee, and other statutory changes
needed for the budget. General Funds appropriations total approximate-ly
$23.7 billion, within an estimated appropriation total from all funds of
$46 billion. However, the General Assembly and Governor have delayed the
consideration of the state’s multi-billion dollar capital program until the fall.
Crafting of the fiscal year 2005 budget presented numerous challenges due to
ongoing revenue issues along with increasing debt service expenses, unexpect-edly
high pension costs for state employees and the continuing pressure to pro-vide
additional funding for priority areas. To address the disparity between rev-enues
and spending plans, various tax and fee increases and alternative spending sce-narios
were considered. The final package included increases in some budget lines, cuts
in other lines, alternative funding methods, and revenue enhancements.
Fiscal Year 2005 Appropriation Highlights
The General Funds budget reflects an increase in appropriations of approximately $231 million
above fiscal year 2004. Increases are included for Elementary and Secondary education, the
QUARTERLY • SEPTEMBER 2004 ISSUE DANIEL W.HYNES
STATE OF ILLINOIS COMPTROLLER
Comptroller Hynes’ office strives to assist taxpayers
and the people of Illinois. This report is designed
to provide fiscal information of general interest.
COVER STORY continued, page 5
Financial Challenges
Remain for the Fiscal
Year 2005 Budget