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DCEO Releases Five-Year Budget Blueprint

DCEO Releases Five-Year Budget Blueprint

Photo: Newsradio WTAX

The budget the legislature gave the governor to sign is not an exact match for the five-year “budget blueprint” he asked for.

“If we want to match our priorities and our needs appropriately to the demands that the people of Illinois have clearly stated they’re interested in,” said Adam Pollet, director of the Illinois Department of Commerce and Economic Opportunity, “then we need to have honest accounting in our budget, and I think this plan is a very good example of honest accounting.”

Pollet’s office is releasing the five-year document on the same day Gov. Pat Quinn signed a budget which sees the income tax rate recede to 3.75 percent halfway through the fiscal year.

The legislature also did not come through on one of DCEO’s specific points: a $10 hourly minimum wage.

The governor did veto part of the budget: $250 million in renovations to the Capitol; he also ordered the sale of nine of the state’s 21 planes.

The DCEO supplies the following highlights of its blueprint:

The six targeted business clusters, selected for their concentrations in different sectors of the state, their growth potential and higher-than-average salaries:

– Biomedical/biotechnical

– Advanced materials

– Transportation and logistics

– Information technology and telecommunications

– Machinery and fabricated metal products manufacturing

– Agribusiness, food processing and technology

The five year growth targets:

– Attract 75,000 new jobs to Illinois—beyond normal growth from in-state employers.

– Within these new jobs, achieve average wage of $57,200, currently 10 percent higher than state average.

– Record 90 percent satisfaction rate with DCEO among regional stakeholders—a new measure.

– Increase business starts in each region by 10 percent.

– Expand participation in workforce training by 25 percent.

– Increase the percentage of the population with a degree or certificate to 51 percent (currently it’s about one third)

– Create 10,000 new jobs in the areas of highest unemployment.

– Decrease poverty rates to 2009 levels, a reduction of 9.4 percent.

– Launch 360,000 new businesses over the next five years.

– Enable Illinois universities to launch 1,500 startups over the next five years.

– Align growth in patent licensing from Illinois universities with the national rate.

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