State Finds Budget Breathing Room
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 … Read More
