Billions in budget surpluses have led to repayment of old, new debt

•February 1, 2023•
By Jerry Nowicki
Capitol News Illinois
jnowicki @ capitolnewsillinois.com

Sustained higher-than-predicted state tax revenues have in recent months given lawmakers a level of budgeting flexibility that is, at least in modern times, without precedent in a state with a reputation for perilous finances.
For the current fiscal year and the one before it, that’s led to another uncommon Capitol occurrence: budget surpluses in the billions of dollars.
Over those two budget years, lawmakers have increased pension contributions by $500 million beyond required levels, paid off hundreds of millions of dollars in interest-accruing debt and saved nearly $2 billion in a budget stabilization fund – all while increasing education and human services funding and even providing tax relief for most Illinoisans last year.     Login or Subscribe to read the rest of this story.