SPRINGFIELD, Ill. (WREX) —Ì�ÌýThe Governor’s Office of Management and Budget (GOMB) released theÌýannual Economic and Fiscal Policy Report showing Illinois has made significant improvement in its structural deficit.
GOMB is now projecting significantly smaller deficits than estimated previously in the general funds budget for fiscal years 2023 through 2027.Ìý
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.ÌýÌý
“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,â€ÌýGov. JB Pritzker said.Ìý“I am committed to building on this significant progress while tackling our remaining fiscal challenges. Together, we can build long term fiscal stability for Illinois while ensuring economic opportunity in all of our communities.â€�
GOMB is required to annually submit an Economic and Fiscal Policy Report to the General Assembly outlining the long-term economic and fiscal policy objectives of the state, along with the economic and fiscal policy intentions for the upcoming fiscal year and for the subsequent four fiscal years.
You can read the full report below.Ìý
