J.B. Pritzker warns of widening Illinois budget deficit over next five years without action, says cuts alone won’t be enough RICK PEARSON Chicago Tribune Nov 14, 2020 Illinois Gov. J.B. Pritzker says he’s counting on new taxes to help close the state’s 3.2 billion dollar budget hole. Already projecting a nearly $4 billion budget deficit for 2021, the state’s budget office also projects deficits ranging from $4.8 billion in fiscal year 2022 to $4.2 billion by fiscal year 2026, according to a report on the state’s economic and fiscal policy released Friday. Gov. "We’re getting closer every single day to the end of this pandemic," Pritzker said. " Sign up for the J.B. Pritzker’s administration has released a report that puts Illinois’ expected budget deficit for fiscal year 2020 at $3.2 billion. A pair of credit rating agencies on Tuesday issued warnings on the finances of both the state of Illinois and its largest city. So the more they sell, the more they keep. Next year, that deficit is projected to be $3.4 billion 1. Friday is the last day of the Illinois General Assembly’s scheduled spring legislative session, and lawmakers still have a long list of things to do. Those aren’t things that I can do alone. That’s reality. This week, Governor J.B. Pritzker’s Budget Office released its estimates of Illinois’ budget shortfall due to the COVID-19 pandemic for this fiscal year and next fiscal year, and they’re in the billions of dollars. “We’ve trimmed across the executive branch throughout the last two years, and there’s more to be done than just trimming,” Pritzker said Wednesday. ", As sportscaster Mark Giangreco and others have learned, words matter. Illinois’s budget woes existed before Covid-19 but have been exacerbated by the pandemic. Illinois governor blames Republicans for budget problems after voters reject progressive tax by Greg Bishop, The Center Square | November 05, 2020 03:00 PM Fiscal Year 2021 Budget Highlights FY21 Budget Highlights; COVID Response Federal Funding Budget Summary April 2020 Revenue Forecast Revision The move comes as lawmakers have just two weeks left in their annual legislative session, with a long to-do list that includes passing a state budget. J.B. Pritzker wants to cap that amount to $1,000 per month for each retailer. Illinois faces a $3.2 billion deficit in its upcoming fiscal 2020 budget that is nearly 16 percent higher than previously projected, Governor J.B. Pritzker's administration said on Friday. That’s our world. NPR Illinois reporters have been breaking down those revenue-generating ideas. One of those is the expansion of gambling and raking in the money from taxing and further regulating it. States have begun the 2021 fiscal year that extends from July 2020 to June 2021 in most states. Already projecting a nearly $4 billion budget deficit for 2021, the state’s budget office also projects deficits ranging from $4.8 billion in fiscal year 2022 to $4.2 billion by fiscal year 2026, according to a report released Friday. Illinois Governor J.B. Pritzker is asking state lawmakers to raise the tax on cigarettes, and begin taxing vaping products. Illinois Gov. Pritzker's Budget Address, Annotated, State Week: Illinois' Budget Woes, Chicago's Mayoral Race, Amazon's Second HQ. About 9.4% of state residents have been fully vaccinated, and about half of seniors have gotten at least one dose, officials said. J.B. Pritzker presents his budget to the General Assembly, WBEZ reports on another trove of emails to and from Speaker Michael Madigan's top aides, and former Gov. The legislature has to be right there with us.”, The governor also sent a letter to House and Senate leadership calling for a meeting focused on “reconciling our FY21 budget and bringing it into balance this fiscal year.”, Though he didn’t provide specifics on where the cuts might come from, Pritzker said in September “middle class, working class and poor families” in Illinois and the U.S. “will likely suffer from cuts to public safety, education, human services and environmental safety — and the potential layoffs will make the economic recession worse.”. Gov. But the Democratic governor is perhaps being too optimistic, counting on proposals for tax revenue sources that still need to be negotiated. Illinois Looks To Borrow $5 Billion In Order To Cover Budget Deficit During COVID-19 Illinois Gov. If Pritzker’s budget proposal is enacted, Illinois would see an estimated $7.62 billion budget surplus in the coming fiscal year. Meanwhile, an audit found that child abuse and neglect investigations suffered during the budget impasse of 2015-17, and lawmakers advanced legislation that would more than double the gas tax in order to pay for infrastructure building and repair. Gov. ... in MLF borrowing from fiscal 2020. The state plans to spend $2.5 billion more than its most recent 2020 spending estimates, a 6.2 percent increase. J.B. Pritzker wants to create a host of new taxes to help balance Illinois’ budget — on everything from e-cigarettes to medical insurance companies. The Illinois General Assembly ended its spring legislative session last weekend, passing what some are calling the most productive session in a generation. But we’re not there yet.". The report is critical of former Gov. The public also got its first look at the long-anticipated language in a proposal that would legalize marijuana for recreational use. State revenue estimators are likely proceeding cautiously with these estimates because of the consequences the revenue declines will have as states work to balance their budgets. Verano calls the claims "totally false and absurd. August 2020 Report. A 5-year plan to balance Illinois’ budget, pay off its debt Illinois ve-year baseline scal projections compared with Illinois Policy Institute Budget Solutions 2020, in millions Source: Governor’s Of ce on Management and Budget ve-year projections, GOMB proposed budget scal year 2019, Commission on Government Forecasting and Gov. On Tuesday, December 15, 2020, Governor Pritzker announced $711 million in cuts to the Fiscal Year (“FY”) 2021 budget. A $6 billion deficit. The Illinois Budget Impasse was a 793-day-long budget crisis in the state of Illinois.From July 1, 2015, to August 31, 2017, Illinois was without a complete state budget for fiscal years 2016, 2017, and part of 2018. 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