UPDATE: 5:19 – Governor Rauner released the following statement on Facebook.

UPDATE 4:55 – In a statement University of Illinois President Tim Kileen praised lawmakers for coming to an agreement.

Dear faculty, staff, students and friends:   Over the last few days, the Illinois legislature has come together in bipartisan efforts to end a historic budget impasse, approving revenue and spending bills that will provide full-year funding for the University of Illinois System and other essential state services.   I am deeply grateful to legislators for working overtime and making the difficult decisions on a compromise to avert the potentially dire consequences that loomed if the budget stalemate had extended through a third fiscal year…   …Under the budget agreement approved this week, the U of I System will receive:   •    An additional $300 million to cover funding for the second half of fiscal year 2017, providing a full-year appropriation when added to stopgap funding received for the first six months of the year.   •    About $583 million in funding for fiscal 2018, which began July 1. The appropriation is 10 percent less than the System’s last full appropriation in fiscal 2015, but higher than some earlier forecasts had predicted.   •    About $40 million in Medicaid funding to support our university hospital and clinics that provide critical care for underserved populations in the Chicago area.   Though no money was approved for new capital projects, the agreement should restore construction work that was halted July 1 when the fiscal year began with no budget.   The legislature also sent to the governor procurement reforms that should allow universities to operate with greater flexibility and efficiency, and with accountability, in the state purchasing process. Research procurement will be a notable beneficiary of the changes.   In addition, the budget provides Monetary Award Program (MAP) funding to support thousands of students across our three universities for both fiscal 2017 and fiscal 2018.

Original Story:

Springfield, Ill. (AP) – The Illinois House has voted to override Gov. Bruce Rauner’s vetoes of a budget package. The action Thursday gives Illinois its first annual spending plan since 2015.

The House voted to override the Republican governor’s veto of a $5 billion increase in income taxes and a $36 billion spending plan.

The veto overrides mean the nation’s longest state budget crisis since at least the Great Depression has ended. The budget is retroactive to July 1 — the start of the fiscal year. That’s also the date that the 32 percent increase in the personal income tax rate takes effect.

Rauner vetoed the measures because he sees no indication that the Democratic-controlled Legislature will send him the “structural” changes he has demanded.