Illinois is on track with revenue returns halfway through the budget year, but the Governor’s Office of Management and Budget projects a $3.2 billion deficit for the upcoming fiscal year, causing concern in the Capitol. Governor JB Pritzker is set to give his budget address on Feb. 19 to address the largest projected deficit since 2021. Lawmakers face flat revenue projections for the coming year with spending on the rise, as one-time federal funding and a strong economy are in the past. Revenue remains on track, but shows little sign of growth. There is uncertainty on how the deficit will be eliminated, with concerns about tax increases and spending cuts. Concerns also arise about the impact of Donald Trump’s presidency on the state’s bottom line. As a new General Assembly begins, it remains to be seen how the projected deficit will be addressed to balance the budget within the state’s means.
Source
Note: The image is for illustrative purposes only and is not the original image associated with the presented article. Due to copyright reasons, we are unable to use the original images. However, you can still enjoy the accurate and up-to-date content and information provided.
