Rep. Jimenez Explains Significance of Budget Vote

What a Balanced Budget Means
• Ending decades of fiscal irresponsibility by balancing the budget through spending reductions of over $3 billion (Current spending level is near $40 billion), the budget passed this week spends $36.5 billion
• There will be a stream of revenue dedicated to paying down the backlog of unpaid bills.
• Medical providers and vendors waiting for State payments will begin to see some payments made to what they are owed
• Schools will receive funding that will allow them to start on time this fall
• Provides certainty for higher education institutions including the University of Illinois Springfield, Lincoln Land Community College, and SIU School of Medicine
• Transportation infrastructure projects will continue across the state
• Social service and human service provides will be properly funded and the most vulnerable will be cared for

Failure to Pass a Balanced Budget
• Bill backlog will continue to grow (currently at nearly $15 billion) to a record $22 billion by the end of FY 18 (Report: Illinois unpaid bills to hit $22B by 2018)
• Springfield area hospitals and providers will wait even longer for payment
o Hundreds of millions of dollars is currently owed to Springfield area medical providers. (Orthopedic Center requiring up-front payments from state workers)
• State credit rating will be downgraded to junk bond status (first US State ever to reach that) resulting in record costs to borrow (Illinois could soon become America's first 'junk' state)
• Schools will not receive general state aid and likely will not be able to open on time in the fall (School districts forced to consider dooms day plans thanks to state budget impasse)
• Transportation infrastructure projects around the state will end immediately, impacting over 30,000 jobs (Illinois Road Construction Shutdown Leads to Layoffs Amid Budget Impasse)
• The State will experience a serious cash flow problem following the recent court ruling on how much the State must reimburse Medicaid providers each month to the tune of $2 billion more than is currently being spent (Judge Rules Illinois Not in Compliance on Medicaid Payments)

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