Quinn’s proposed a 3% budget cut of $400 million for education spending. This is the third year in the row that state spending per student has been cut. This would result in per-pupil funding (general state aid) that could dip to $5,4542 next school year, affecting poorer school district which receive most of the aid. Wealthy school districts receive little or no state aid.
Nibbling around the edges is a meaningless and useless exercise in a state that is drowning in debt. When will Governor Quinn and state legislators deal with pension reform, which is sapping critical financial wherewith-all away from state programs that remain unfunded and/or unpaid because Illinois lacks funds? Illinois has $96 billion in unfunded pension debt, more than $54 billion in retiree health care debt, and $9.7 billion in unpaid bills.
The present unfunded liability in the Teacher Retirement Service (TRS) stands at $52 billion, bigger than the Illinois general fund budget of $34 billion. If paying the $52 billion liability off like a home mortgage, it would require more than $4 billion a year just to pay off the unfunded liability. $46,452.
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