State treasurer: New budget is both best and worst outcome for business
Despite differences in their approach to state finances, Illinois Treasurer Michael Frerichs and Illinois Chamber of Commerce President and CEO Todd Maisch agree the state's recently passed budget is both the best and worst outcome of the latest legislative session in Springfield.
The two appeared together Tuesday at the Des Plaines Chamber of Commerce and Industry's mid-year business summit.
Frerichs and Maisch noted that successful bipartisan cooperation helped approve the budget, but added that $8.5 billion of unpaid bills remain.
"Most states wouldn't consider it a balanced budget, but for Illinois standards, it's an improvement," Maisch said.
The discussion of the state's budget contributed to a larger update on state and national finances for summit attendees, the majority of whom were members of local suburban chambers of commerce. Illinois Sen. Laura Murphy and Sen. Tom Rooney and state Rep. Tom Morrison also attended.
Andrea Biwer, the chamber's executive director, said the goal of the summit is to provide networking opportunities for local chambers of commerce, as well as educating local businesses on Illinois finances.
"We're trying to do more things together as a region," she said.
It also presented an opportunity to bring business and political leaders together.
"We work so well together as a network, it really makes the chamber world a unique place for businesses to get involved in public policy," Maisch said.
Ramping up the growth of Illinois' economy will require investing in infrastructure and modernizing workforce development, Maisch said. Workers' compensation reform is another initiative he endorsed.
Frerichs highlighted the treasury's efforts to serve Illinois residents with better college savings plans and its initiative to return resident's unclaimed funds and property. To highlight the latter effort, Frerichs presented $791 to Maisch, who accepted on behalf of the Illinois Chamber of Commerce.
"It's better returned to you than sitting in a bank account in Springfield," Frerichs said.