Banks and Real Estate staffing reduced

SPRINGFIELD, ILL. - Gov. Rod R. Blagojevich today proposed a fiscal year 2004 budget of $30.9 million for the Office of Banks and Real Estate, down $3.6 million from FY03.

Pursuant to the Governor's Administrative Order 1, administrative spending will be reduced by $2.2 million in FY 04. Besides cutting staffing levels by 45 positions, the office is downsizing the Financial Literacy Program, and substantially reducing spending for travel, equipment, electronic data processing, and contractual services.

Other cost-saving measures include eliminating a number of examiner and other regulatory positions, cutting most board per diem payments, reducing the contingency fund for failed corporate fiduciaries, and providing less funding for special audits of real estate escrow accounts and for real estate research and education.

The Office of Banks and Real Estate protects and educates the public and promotes confidence in these industries fulfilling its statutory responsibilities in an efficient, professional, responsive, and innovative manner. The office, funded entirely through fees paid by regulated entities, receives no money from the state's General Revenue Fund.