Illinois Mathematics and Science Academy

To ignite and nurture creative, ethical, scientific minds that advance the human condition.

Budget Process

State Budget Process

The Governor prepares and presents a State budget recommendation the General Assembly in February each year, for the following fiscal year (July 1st through June 30th).  The proposed budget is based on the estimated funds available from state tax and other collection sources, and state debt and liabilities, as estimated by the Governor’s Office of Management and Budget (GOMB).  The GOMB then develops budget recommendations that reflect the Governor’s statewide spending priorities, which is presented in the Governor’s budget address, typically each February. Concurrently, IMSA conducts yearlong planning, research, and documentation that results the determination of our budget request to the Governor and the General Assembly. This process for IMSA is detailed below:  

Once the General Assembly passes the budget, the Governor must sign the appropriations bills to authorize state funds to be spent.
IMSA’s planning for their programmatic and spending priorities for the next fiscal year (July 1-June 30) begins each summer. IMSA leadership collaborates on strategically determining the institutional priorities that will be funded, at least in part, by state funds (known as EAF- Educational Assistance Funds).
Following the Governor’s budget address in February, legislators begin the deliberation of the budget requests of both the Governor’s and IMSA’s budget recommendations. This begins in March with separate hearings by IMSA before the House and Senate Appropriation Committees. During this period, the following actions occur: