Gov. J.B. Pritzker’s administration recently used its annual Economic and Fiscal Policy Report to outline three new budget proposals. The report revised projected revenues upward by $3.69 billion for this fiscal year, but noted that most of the projected increase was from one-time sources, like an unexpected spike in the state’s Income Tax Refund Fund of $1.28 billion.
The governor wants to use some of that cash to put another $1.3 billion into the state’s rainy-day fund, bringing the balance to about $2.3 billion. “While Illinois currently has its highest balance ever at $1.045 billion, Illinois is still among the smallest state rainy-day funds,” the report noted.
