Gloomy Forecast for Illinois Budget

By WEEK Reporter

January 3, 2012 Updated Jan 4, 2012 at 12:07 PM CDT

SPRINGFIELD, Ill. -- The latest budget figures released by Governor Quinn's office show a gloomy forecast for the state.

The governor's office released a three-year projection of state finances Tuesday.

It shows two years of revenue growth before the income tax increase expires, dropping the state's income significantly.

Government pension costs are expected to rise about 43 percent over the next three years.

Quinn's report shows education spending will remain flat, at just below $9 billion until 2015.

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