UPDATE (3 p.m. Wednesday): The amendments were not called before the committee. The committee is scheduled to meet at 9 a.m. Thursday.
The Illinois House Executive Committee is scheduled to meet at 2:30 p.m. to discuss amendments to House Bill 3637. The amendments would cut revenues collected through the personal property replacement tax and distributed to various units of local government. The state distributed $1.401 billion last fiscal year.
Introduced by House Speaker Michael Madigan, D-Chicago, the first amendment would divert $536 million to the Teachers’ Retirement System collected from the personal property replacement tax that school districts outside the city of Chicago would have received. Chicago Public Schools pay for the employer’s portion for teacher pensions.
The second amendment would take $982 million collected form the personal property replacement tax for all local governments except the city of Chicago, while the third amendment would divert the entire $1.4 billion money to teacher pensions.
In the state’s current fiscal year, the city was projected to receive $2.94 million while the county was projected at $1 million. Quincy Public Schools was budgeted for $4.49 million, according to projections from the Illinois Department of Revenue.
Quincy Mayor John Spring is expected to testify before the committee.
Coverage from The Herald-Whig can be found HERE.
Estimates on the revenues shared with local government and what was given in the 2011 fiscal year can be found HERE.