SPRINGFIELD, Ill. (WCIA) — The state has plans to continue saving in its rainy day fund with its latest projections for the next five years.
The Governor’s office released their financial forecast for the next five fiscal years Monday. Governor J.B. Pritzker said they hope to pay back more of the debt the state holds from past administrations.
“As we celebrate the tremendous progress we’ve made with our partners in the General Assembly, we remain committed to working tirelessly for Illinois taxpayers and responsibly managing the state’s finances,” Pritzker said. “We’ve closed a seemingly insurmountable structural deficit that I inherited, and together we are securing Illinois’ long term fiscal stability and providing economic opportunities to its citizens.”
The forecast includes adding more savings to the Rainy Day Fund, as well as paying back bonds issued during the State Recession and replenishing the Unemployment Trust Fund after the state had to take out loans during the COVID-19 pandemic.
These follow several other key ideas from reports of past years. Last year, the state followed its plans to pay $3 billion of its Unemployment Trust Fund, as well as eliminating the federal debt from the COVID-19 pandemic.
Illinois Comptroller Susana Mendoza, a longtime supporter of building the state’s Rainy Day Fund, applauded Pritzker’s plan.
“This will continue Illinois’ progress, catching up to other states on preparing for any possible economic downturn,” Mendoza said. “It protects Illinois’ important programs that care for our state’s most vulnerable, our schools and our health care systems.”