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Illinois Governor's Budget Outlines TBED Activities
Speaking to a joint session of the House and Senate, Illinois Governor Rod Blagojevich recently presented his first budget, one that addresses a $5 billion budget crisis.
In economic development, while Governor Blagojevich wants the state to be proactive in keeping Illinois competitive in the global economy, the $1.77 billion planned for the Department of Commerce and Economic Opportunity (DCEO) reflects a $576 million, or 25 percent, decrease over the FY 2003 level. Central to the governor's plans are creation of the $200 million Illinois Opportunity Fund that would use private investments to bring venture capital to the state; development of six new Centers for Entrepreneurship around the state to provide, training, tools and resources to help businesses get started; and the consolidation of 30 economic development and job training programs within DCEO, which is projected to save $16 million.
Governor Blagojevich's budget also calls for DCEO to aggressively promote the development of new technologies for renewable energy resources. The department's energy division would receive more than $31 million to foster the state's ethanol, wind and solar power industries. Recycling programs would get $14 million.
An additional $17 million in state funds is proposed to leverage $126 million in federal money over the next five years to complete the Center for Nanoscale Materials at Argonne National Laboratory. One of only five in the country, the facility is expected to initially attract approximately $200 million in nanoscience and nanotechnology research.
The governor's $52.4 billion budget for FY 2004, compared with an estimated $52.8 billion in appropriations for the current fiscal year, includes an increase of $700 million in General Revenue Fund appropriations. Overall, however, spending is down $345 million from the current fiscal year — the first time since 1981 that state expenditures will have declined.
More information on the FY04 Illinois budget request is available at http://www100.state.il.us/.