Illinois Business Journal Illinois Business Journal
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Legislators still in dark over FY 2005 capital budget


Illinois legislative leaders meet in the governor's office to work on the state budget (June 30). Left to right are: Senate Pres. Emil Jones, D-Chicago; Speaker of the House Michael Madigan, D-Chicago; Illinois Gov. Rod Blagojevich; and Senate Minority Leader Frank Watson, R-Greenville.		 By KERRY L. SMITH

   As the Illinois General Assembly's veto session rapidly approaches, legislators closest to the capital expenditure budget process say they have yet to see any preliminary numbers.
   On Nov. 8, legislators are scheduled to report to the Springfield rotunda to accomplish an ever-growing list of priority items that were not resolved in the extended general session ending July 24.
   At the top of the agenda is passage of the capital budget - the document that outlines exactly how longer-term, multi-year state expenditures are to be paid for. Such projects include [continue]

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GOP rejoices over debt control act
By KERRY L. SMITH

   Illinois Senate Republicans are hailing the state's first competitively bid bond sale since 1999, made possible by a new law they hope will put an end to Gov. Rod Blagojevich's practice of back-loading debt.
   The sale on Sept. 22 of $285 million in general obligation bonds at a near-record, historically low interest rate of 4.19 percent is the first

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tangible outcome of the FY 2005 Budget Implementation Finance Act, signed into law July 30.
   Republican Sen. Christine Radogno from Lemont, the chief sponsor of the legislation, introduced a version of the bill in February - SB 3097, dubbed as the Debt Responsibility Initiative - in an attempt to control the governor's long-term spending habits. It didn't make it out of committee. [continue]
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Hurricane quartet expected to spike cost of home building materials

By ALAN J. ORTBALS

   The recent hurricanes in Florida and the Gulf Coast may push near record-high building materials costs even higher, industry analysts say.
   Various types of building materials have been in short supply and in increasing demand for some time. As previously reported in the Illinois Business Journal, these include cement and steel.
   But other materials commonly used by the homebuilding industry - framing lumber, plywood, oriented strand board or OSB, wallboard and [continue]

 hurricane home damage The downtown district of Punta Gorda, Fla. lies in ruin after Hurricane Charley moved through the area eight weeks ago. Industry analysts say the $20 billion in collective damages from all the recent hurricanes may drive prices of raw materials like framing lumber to an all-time high.