IASB Legislative Report: Governor's Budget Address 2025
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Date PostedFebruary 19, 2025
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CategoryLegislative Update
Governor’s Budget Address
Governor JB Pritzker delivered his seventh annual budget address on February 19 to a joint session of the House and Senate.
Back in November, the Governor’s Office of Management and Budget (GOMB) projected flat revenues in FY2026, which would result in a significant deficit for the FY2026 fiscal year. Today, GOMB announced revised FY2026 estimates that project Illinois to collect approximately $1.5 billion more than the November projections. Additionally, in his budget address, the Governor proposed several revenue adjustments that, if passed, would result in an additional $469 million in FY2026. The revised estimates along with the proposed revenue adjustments allowed Governor Pritzker to propose another balanced budget for FY2026 which includes $55.23 billion in state spending, a $2 billion dollar increase over FY2025. Pritzker emphasized that this is still a challenging budget year, adding that difficult decisions had to be made, including his recommendation to pause to the $75 million increase to the Smart Start Early Childhood grant.
Read more in the IASB Governmental Relations team's complete analysis of the February 21 address.
Governor JB Pritzker delivered his seventh annual budget address on February 19 to a joint session of the House and Senate.
Back in November, the Governor’s Office of Management and Budget (GOMB) projected flat revenues in FY2026, which would result in a significant deficit for the FY2026 fiscal year. Today, GOMB announced revised FY2026 estimates that project Illinois to collect approximately $1.5 billion more than the November projections. Additionally, in his budget address, the Governor proposed several revenue adjustments that, if passed, would result in an additional $469 million in FY2026. The revised estimates along with the proposed revenue adjustments allowed Governor Pritzker to propose another balanced budget for FY2026 which includes $55.23 billion in state spending, a $2 billion dollar increase over FY2025. Pritzker emphasized that this is still a challenging budget year, adding that difficult decisions had to be made, including his recommendation to pause to the $75 million increase to the Smart Start Early Childhood grant.
Read more in the IASB Governmental Relations team's complete analysis of the February 21 address.
