Weekend Edition | Springfield strains for balanced budget; Illinois revenue forecast shifts down

Illinois is projected to see less tax income than state agencies previously expected due to a variety of economic factors. With revised estimates, some lawmakers worry there may be a shortfall, which could prevent a balanced budget from being passed this month. Both the Illinois Department of Revenue – which oversees the collection of state funds – and the Commission on Government Forecasting and Accountability – which makes forecasts of expected tax revenue – have lowered estimates of how much money they expect the state to bring in next fiscal year, which begins July 1. Compared to earlier projections, which guided Governor JB Pritzker’s recommended spending plan released in January, officials said reasons for the downward shift included the economic impact of tariffs, rising living costs, and flattening excise‑tax revenue – such as from marijuana. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.