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Getting Illinois’ Fiscal House in Order

FEBRUARY 4, 2022 | by Editorial | CENTER FOR TAX AND BUDGET ACCOUNTABILITY

Includes: "For starters, Governor Pritzker projected that the state’s General Fund will end its current fiscal year (FY 2022) with an on-budget surplus of almost $1.8 billion. An on-budget surplus simply means that the revenue projected for a fiscal year will exceed the expenditures scheduled for that fiscal year. But any on-budget accounting of the General Fund does not provide a complete picture of its fiscal condition. That is because an on-budget analysis only considers current year items—it does not include any accumulated deficit that remained at the end of the prior fiscal year, and hence carries forward into the next fiscal year. The accumulated General Fund deficit that existed at the end of FY 2021—and hence carried forward into FY 2022, was around $6.4 billion."

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