A recent revenue forecast from the Commission on Government Forecasting and Accountability (COGFA) indicates that Governor Pritzker’s revenue projections are likely off by a wide margin, revealing a $1.2 billion shortfall in the Governor’s proposed budget.
The Governor’s budget includes $490 million in new revenues that have yet to be vetted or approved by the Illinois General Assembly. Even if these new revenues are enacted, COGFA estimates a $740 million shortfall compared to the projections from the Governor’s Office of Management and Budget.
Not only does the Governor’s proposed budget face a potential $1.2 billion hole, but his plan, if enacted, would set a new spending record for the state, marking an increase of 37% since he took office.
Making things worse, the current fiscal year is already expected to end $525 million short, further proving that the Governor’s numbers are not aligned with the state’s financial realities.
State Senator Sue Rezin believes the latest forecast underscores the need for a more responsible and realistic budget. Illinois deserves a fiscal plan that addresses the state’s challenges without relying on unreliable revenue projections or additional tax burdens on its residents.