Gov. JB Pritzker delivered his first budget address to the Illinois General Assembly last Wednesday, proposing a budget that relies on revenue sources that do not yet exist to be balanced.
Pritzker’s recommended budget has $38.9 billion in revenues for the state in fiscal year 2020, which is slightly above the $38.75 billion in expenditures Pritzker proposed.
That means the state would have a $155 million surplus.
“The budget I present to you today is an honest proposal – the costs are not hidden, the revenues I propose are not out of reach, the hole we need to fill is not ignored,” Pritzker, a Democrat, said.
Pritzker spent the first part of his speech summarizing the state’s dire financial situation.
He said the state is facing a $3.2 billion budget deficit and more than $15 billion in debt from unpaid bills. He also spoke about the pension crisis facing the state…>>>
Read more in the February 27, 2019, issue.
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