By: Diane Benjamin
I don’t know the guy who wrote this, but I do know Jeanne Ives – former State representative:
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Bloomington staff has complained about this one forever. The Illinois Municipal League has a good explanation of FGDF on their website: https://www.iml.org/file.cfm?key=15419
Bloomington used to receive 10% of all income taxes the State receives from residents. That started in 1969. In 2011 the State cut the 10% to 6%. The rate has bounced around since, see the link above for details.
Since the Governor needs more money, he is proposing a change to this percentage again.
That means:
All local municipalities expecting to get “X” amount won’t be getting what they budgeted. If you haven’t noticed, local governments don’t adjust well to less money. They raise your taxes to compensate.
The only question left is: Will the majority party rubber stamp the proposed budget?
Bloomington and Normal are finalizing budgets now. The State has until June 30th to pass a budget. Local governments won’t be able to forecast FGDF funds they will receive.
Expect tears.
Elections have consequences. Not voting makes them worse.
Expect the mass exodus from Hellinois to accelerate.
Just like the Bears
The Bears aren’t leaving. They’re just trying to negotiate more corporate welfare. If you don’t have enough liquidity by owning the 7th most valuable NFL team to build your own stadium, which your own money, you should probably sell it.
It will work, Illinois will cave and give them what they want, and the taxpayers will pay for it.
Actually da Bears offered $2 billion towards the project ask IL for infrastructure enhancements. Indiana is accomodating by contributing $1 billion while the Pigster and the IL legislature blow them off. I’d be hella surprised if da Bears hang around. Everyone else is leaving, why not da Bears?
I’m fine with Da Bears leaving. One less pig trough to pour money into. If the site photos are what it would be like in IN it only makes sense to move to an area less land locked for growth.
Pray tell what the local taxing body vampires will come up with to replace they bloody tax flow. Don’t even give them any ideas. Like the school districts. You could give them $25 billion and they would want more.