SPRINGFIELD, Ill. (AP) — A five-year fiscal forecast for Illinois shows an unexpectedly robust rebound in post-pandemic tax revenue.
The report by the Governor’s Office of Management and Budget includes a $1.7 billion revenue increase for the fiscal year that ends June 30, 2022.
Gov. J.B. Pritzker plans to use more than $1 billion to pay down back-due bills to health care providers and to re-establish the so-called Rainy Day Fund for emergencies. It was never replenished after it was drained in 2017.
But the state continues to grapple with a structural deficit, a built-in imbalance of expenditures over revenue. So deficits will return in 2023 but they’ll be smaller.
By JOHN O’CONNOR, Associated Press