Illinois Poised for First Deficit After Three Years of Surplus

Feb. 20, 2024, 6:37 PM UTC

Illinois is facing its first budget deficit in three years as the state deals with rising costs for everything from education to services for migrants.

Governor J.B. Pritzker, a billionaire Democrat serving his second term, is scheduled to outline his spending plan for the fiscal year starting July 1 on Wednesday. After back-to-back annual budget surpluses, Pritzker will have to find ways to close a budget gap that is only expected to widen the next few years.

His budget office projected last week a $721 million deficit for fiscal 2025. Robust revenue growth at the beginning of fiscal 2024 ...

Learn more about Bloomberg Tax or Log In to keep reading:

See Breaking News in Context

From research to software to news, find what you need to stay ahead.

Already a subscriber?

Log in to keep reading or access research tools and resources.