Illinois in Strongest Financial Position in a Generation as Budget Invests in Rainy Day Fund, Makes Extra Pension Payment
Building on three years of fiscally responsible leadership, Governor JB Pritzker signed the fiscal year 2023 budget into law, delivering his fourth balanced budget while providing $1.8 billion in tax relief to the working families of Illinois.
The fiscal year 2023 budget provides historic funding for education, human services, law enforcement and violence prevention. It prioritizes fiscal responsibility, funding pensions at $500 million more than required, repaying the state’s remaining outstanding debts, and putting $1 billion in the Budget Stabilization Fund, also known as the “rainy day” fund, for unforeseen emergencies.
“The budget I’m signing into law today brings real improvements to the lives of working families and sets us up for a stronger fiscal future,” said Governor JB Pritzker. “Investments in stronger schools, modernized airports and newly paved highways, hundreds of thousands of well-paying infrastructure jobs, and a better funded pension system… these are the kind of priorities we can invest in when our state is governed responsibly.”
“This budget reflects our administration’s continued support for pathways of learning because we know access to education can change the trajectory of a student’s life, families’ lives, and their communities,” said Lt. Governor Juliana Stratton. “We are building on our historic investments in education by increasing funding and support that will uplift young people from their earliest moments in school. From our nation-leading early childhood education efforts to funding MAP grants for nearly 25,000 additional students, we’re aiming high and setting our sights on equitable, affordable education for all.”
“This budget continues us down the path of financial surety, invests in critical resources like public safety and human services, and helps ease the burden of inflation for families with $1.8 billion in tax relief,” said House Speaker Emanuel “Chris” Welch (D-Westchester). “This is what financial responsibility looks like, and fiscal watchdogs agree. I’m proud of the work that went into this budget and grateful to see Governor Pritzker sign it into law today.”
“We are continuing our practice of responsible budgeting while helping those who need help the most,” said Illinois Senate President Don Harmon (D-Oak Park). “Families are struggling, and I hope this budget provides them a bit of relief.”
“This two-year pandemic, plus the recent inflation, have combined to cause extreme financial pain for Illinois families,” said Leader Greg Harris, (D-Chicago). “Our budget helps ease inflationary pain by cutting taxes on everyday needs like gas, groceries and school supplies; while also providing property tax relief, tax rebates and an expansion of the Earned Income Tax Credit. This new budget demonstrates our commitment to stepping up for the everyday people of this state.”
“For far too long, many Illinois communities have been left behind when it comes to health care, and our Medicaid providers have been stretched thin,” said Leader Robyn Gabel (D-Evanston). “Healthcare is a human right, and this budget invests in the Healthcare Workforce Initiative so we make the system more inclusive and responsive to the medical needs of all Illinoisans.”
“When we support and uplift our immigrant communities, the entire state benefits. By including ITIN filers in the permanent expansion of the Earned Income Tax Credit and extending Medicaid benefits to undocumented individuals, Illinois is treating this population with the dignity and respect they deserve,” said Leader Elizabeth Hernandez (D-Cicero). “This budget is a moral document that exemplifies Illinois’ commitment to equity and relief for all residents.”
“This is one of the best budgets that we have seen in years,” said Sen. Elgie R. Sims (D-Chicago). “As the Senate Appropriations Committee chairman, I set a mandate for our budget to solve the pressing economic problems facing low- and middle-income families. Because of our responsible fiscal approach, our state has generated the largest surplus in more than two decades and builds on the financial stability that we have seen over the past few years. In this budget plan, we were able to invest directly into families across Illinois by providing taxpayers major tax cuts and direct payments. Our plan sets us up for short- and long-term success and I remain committed to economically advancing the state of Illinois.”
“With inflation creating more economic challenges for hardworking families nationwide, Illinois has delivered a responsible budget plan to offer relief, make smart investments and provide economic stability,” said Sen. Bill Cunningham (D-Chicago). “By putting money back in residents’ pockets, our state is making an effort to support families with inflation-related burdens, create opportunity and set money aside for a rainy day.”
“This new law puts money back in the pockets of homeowners and families in the South Suburbs,” said Sen. Michael E. Hastings (D-Frankfort). “We are slowly recovering from the most severe public health crisis that our state, country and the world has seen in the last century. It is crucial that we prioritize families by providing them with much needed and deserved relief to ensure Illinois’ economy keeps growing.”
“Investing in education is investing in a brighter future for our state,” said Rep. Will Davis (D-Homewood). This budget continues our investment in evidence-based K-12 education, and includes millions of dollars for early childhood, special, and higher education so that all young people in Illinois have the tools necessary to reach their full potential.”
“Given the pandemic and the impact of inflation, we know families are in desperate need of relief,” said Rep. Mike Zalewski (D-Riverside). “After months of negotiations, today the governor is signing a budget that supports people and families that need help the most, and provides tax incentives to support Illinois businesses. This budget reaffirms our commitment to recovery for families and businesses across Illinois.”