A fiscal report released by the state’s Office of Management and Budget (GOMB) shows a fiscal year 2018 budget that’s $1.7 billion out of balance.
The report underscores the importance of reforms pushed by Republican lawmakers and the Governor that would have spurred economic growth, with GOMB Director Scott Harry noting that an improved economy in conjunction with reasonable spending controls is imperative to see a balanced budget and reduce the state’s bill backlog, which the Comptroller current places at more than $15 billion. The report noted that if Illinois’ economy were to simply grow at the national average, over the next five years Illinois could benefit from an additional $5.4 billion in state revenue.
The report noted that the Governor and some lawmakers introduced proposals that would have reduced general funds spending by an additional $2 billion, if they had been signed into law.
Additionally, the report noted that without significant change, the fiscal year 2019 projected deficit would be $2.15 billion with a bill backlog projected to grow to an estimated $13. 7 billion by the end of the 2023 fiscal year.
The Illinois Economic and Fiscal Policy Report offers a five-year economic outlook that is based on the budget as well as state and national growth forecasts.