In recent years, Illinois has struggled to reach our most important goal of achieving a balanced budget. A "balanced budget" is our constitutional obligation and I believe a term worth defining. My definition of a balanced budget means the current year’s projected income can meet:
- 1. Planned expenditures for the current year
- 2. Pay our backlog of unpaid bills down to within 30 days
- 3. Pay 1/30th of our accrued pension liability.
I am proud to have authored landmark budget reform legislation that sets healthy budget principles but am disappointed that our own leaders no longer follow this statute. I call for a return to my Budgeting for Results law that mandated a 3 year budget projection, public hearings to set annual budget priorities, setting a conservative revenue ceiling that includes only currently approved revenues, making our full, actuarially sound pension payment, setting performance metrics for state agencies, and building a zero-based, ground up budget.