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Pritzker Touts State’s Progress in Repairing Structural Deficit
Illinois has made significant improvement in its structural deficit, the Pritzker administration said Tuesday. Accordingly, the Governor’s Office of Management and Budget is now projecting smaller deficits than estimated previously in the general funds budget for fiscal years 2023 through 2027.
The forecasted fiscal year 2023 shortfall was reduced from $2.9 billion, as estimated in 2019, to $406 million, and the 2024 shortfall was reduced from $3.2 billion, as estimated in 2019, to a deficit of $820 million.
“With our partners in the General Assembly we’ve made tremendous progress in putting Illinois on the right fiscal path, supporting small businesses, and creating good jobs in every part of our state,” said Gov. JB Pritzker.
The future years’ budget outlook also benefits from strong pension fund investment returns in fiscal year 2021, substantial early debt retirement in 2021 and interest cost savings from paying down the State’s unpaid bill backlog.
- ◦Policy/Gov't
