Peoria, Ill — Gov. J.B. Pritzker is patting himself on the back for an improving state financial outlook as Illinois also stands to gain billions in federal pandemic and infrastructure assistance.
This week, Pritzker’s Office of Management and Budget reported the state’s structural deficit has made, “significant improvement”.
A news release issued Wednesday says GOMB is now projecting significantly smaller deficits for Illinois than estimated previously in state general funds for the next 5 fiscal years.
Overall, Pritzker’s office says deficits are now reduced from roughly $6.2 billion estimated two years ago — to a forecasted $1.2 billion in estimated state deficits the next two years.
Pritzker says his administration has also brought the state’s list of long overdue unpaid bills down by roughly $6.5 billion, “while replenishing the Budget Stabalization Fund that was drained during the previous administration.”
GOMB also reports the future years’ budget outlook is benefitting from strong pension fund investment returns in 2021, substantial early debt retirement and interest savings from paying down the aforementioned bills.
“With our partners in the General Assembly, we’ve made tremendous progress in putting Illinois on the right fiscal path,” said Pritzker. “I am committed to building on this significant progress while tackling our remaining fiscal challenges.”
He continued, “Together, we can build long term fiscal stability for Illinois while ensuring economic opporutnity in all of our communities.”
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