HomeNewsNewsEditorial | Strong economy boosts state’s spending plan | Editorials

Editorial | Strong economy boosts state’s spending plan | Editorials

Illinois’ tax revenues have dramatically increased. But questions about the state’s fiscal future abound.

Whatever the reason, whoever gets the credit, Illinois got some good news on the state budget front last week.

A growing economy has produced strong increases in tax revenues — primarily sales and income taxes — that are reducing the deficit stress on Illinois’ 2021-2022 budget.

It’s not time to start dancing in the streets. Illinois remains in dire financial straits. Nonetheless, the $1.7 billion increase of projected revenue is welcome.

The state intends to use the revenue to pay more than $900 million in backlogged bills and deposit $300 million in the state’s depleted rainy day fund.

Gov. J.B. Pritzker said remaining additional revenues will increase his projected budget surplus…

Read more…