Senator Sims reacts to record high cash balance, exceeding FY24 revenue estimates

SPRINGFIELD – Senate Majority Appropriations Leader Elgie R. Sims, Jr. was proud to lead a fiscally responsible spending plan that led the state to end Fiscal Year 2024 approximately $125 million, or .2%, above projected FY24 General Funds revenue estimates.

"Illinois reached new fiscal milestones and we are seeing tangible proof that responsible governance and steadfast stewardship yield positive results,” said Sims (D-Chicago). “Today's announcement underscores our commitment to restoring fiscal stability and rebuilding trust through transparency and prudent financial management."

The state closed out the fiscal year with a $4.67 billion General Funds cash balance, up from $3.85 billion at the end of the previous fiscal year. Of the $4.67 billion balance, $2.1 billion was in the Budget Stabilization Fund – also known as the Rainy Day Fund – and $1.74 billion was in the General Revenue Fund.

CHAMPAIGN – State Senator Paul Faraci and the U.S. Economic Development Administration announced approximately $51 million for the Illinois Fermentation and Agriculture Biomanufacturing Tech Hub.

“I am thrilled to see the iFAB Tech Hub receive this funding,” said Faraci (D-Champaign). “This investment emphasizes the importance of promoting cutting-edge research and development in our state. We are paving the way for projects and services that will benefit our communities and economy for generations to come.”

The iFAB Tech Hub, led by the Integrated Bioprocessing Research Labortory at the University of Illinois Urbana-Champaign, unites over 30 partners from academia, industry and government in Central Illinois to meet the growing demand for fermentation in biomanufacturing. Funding for the hub will be allocated through a Phase 2 Implementation grant to support infrastructure development and industry partnerships, positioning Illinois as a leader in precision fermentation.

CHICAGO – State Senator Mike Simmons’ new law will provide relief to more than 300,000 residents burdened by medical debt.

“Countless households and families will finally experience the long-awaited relief from extremely burdensome debts,” said Simmons (D-Chicago). “The Medical Debt Relief Act will have a profoundly broad impact on people across our state who are struggling with medical debt. At least 90% of Illinoisans burdened by medical debt live under 400% of the federal poverty level. This law will allow people to live a more prosperous life.”

A component of the Fiscal Year 2025 budget, Simmons’ law will alleviate medical debt for Illinoisans through the Medical Debt Relief Pilot Program — easing financial strain and promoting economic stability for individuals and families across the state. To qualify for the program, individuals must have a household income below 400% of the federal poverty level or possess medical debt amounting to 5% or more of their annual household income.

SPRINGFIELD – Consumers will now have protection against adverse medical debt reporting, thanks to a new law championed by State Senator Steve Stadelman.

“We have taken a crucial step to protect our residents from the undue hardships caused by medical debt,” said Stadelman (D-Rockford). “This is a positive step toward ensuring no one will have to suffer the long-term financial consequences of medical emergencies that are beyond their control. This law is about fairness and compassion, and it reflects our commitment to standing up for the rights of others.”

The law aims to address the growing concern over the impact of medical debt on consumers’ credit scores. Medical debt, often incurred through no fault of the consumer, has been a leading cause of financial distress, disproportionately affecting vulnerable populations and hindering their access to credit and essential services.

SPRINGFIELD – Career and technical education teachers will now be granted tenure under a new law sponsored by State Senator Meg Loughran Cappel.

“I’ve been a strong advocate for CTE, which gives students the opportunity to receive a hands-on academic experience,” said Loughran Cappel (D-Shorewood). “With the ongoing teacher shortage, we need to ensure CTE teachers receive the benefits they are entitled to and deserve.”

Senate Bill 463 allows CTE teachers to be granted tenure if they have a license with credentials. Loughran Cappel’s law aims to expand tenure eligibility from only educators with a Professional Educator License to include CTE teachers.

SPRINGFIELD –State Senator Mary Edly-Allen passed a law to remove the requirement that all reports of child abuse and neglect made by mandatory reporters must be confirmed by Child Protective Service Unit.

“By streamlining and clarifying how abuse is reported, we are taking a step toward making the reporting process more efficient and thorough,” said Edly-Allen (D-Libertyville). “This legislation will ensure that concise and accurate reporting is the standard in Illinois as our future generations deserve nothing less.”

SPRINGFIELD – State Senator Elgie R. Sims, Jr. is alleviating financial burdens on organizations that help vulnerable populations to ensure access to essential nutrition services by exempting home-delivered meals from sales tax for Medicare and Medicaid recipients.

"For many Medicare and Medicaid recipients, home-delivered meals are a lifeline – providing essential nutrition and support," said Sims (D-Chicago). "However, the added burden of sales tax can create financial strain for those already facing economic challenges. This law removes this barrier to access, ensuring that vulnerable individuals can receive the nourishment they need without additional financial burden."

Under Senate Bill 3476, home-delivered meals – like from Meals on Wheels – provided to Medicare and Medicaid recipients will be exempt from sales tax when payment is made by an intermediary, such as a Medicare Administrative Contractor, a Managed Care Organization, or a Medicare Advantage Organization, pursuant to government contract.

SPRINGFIELD – A new law sponsored by State Senator Laura Fine will put protections in place to ensure the welfare of adults who are unable to care for themselves. 

“In the event an adult is facing difficulties with self-care, it is vital for them to be connected to appropriate services,” said Fine (D-Glenview). “Adult patients experiencing cases of self-neglect will now have the assistance they need in order to maintain their physical health and safety.”

This law establishes a screening procedure for cases of self-neglect among adult patients under the Adult Protective Services intervention program. If a patient is found to be a substantial health threat to themselves due to self-neglect, a provider agency must develop a case plan within 10 days and with the consent of the adult.