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Chicago & Midwest  + Illinois  + Finance  | 

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.  

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Policy/Gov't
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