State budget agreement reached for FY 2023

ILLINOIS (WAND) - Gov. JB Pritzker announced the state has reached a balanced budget for Fiscal Year 2023.

A press release said the budget includes $1.83 billion in tax relief for working families and $1.2 billion for long-term fiscal stability. The state includes an investment of over $200 million on top of the proposed budget to support public safety measures, invest in tools for law enforcement to solve crimes, and strengthen investments in violence prevention programs that keep communities safe.

The state is seeing its largest surplus in over two decades, per the governor's office, with this result achieved through a strong economic recovery and responsible fiscal decisions.

“For the past three and a half years, my partners in the General Assembly and I have worked to right this state’s fiscal ship and ensure state resources are responsibly directed to government’s fundamental purpose: uplifting working families,” said Pritzker. “Today, leaders in both chambers have come to an agreement on yet another responsible, balanced budget that does just that. Our plan delivers more than $1.8 billion in tax relief to Illinois residents, adds $1 billion to our state’s long-depleted Rainy-Day Fund, and doubles down on our efforts to make unprecedented investments in public safety.

“I thank Speaker Welch, Senate President Harmon and their teams for a productive negotiation process that always placed the best interests of Illinoisans at the forefront. Once again, Democrats are demonstrating that ours is the party of fiscal responsibility — and there’s nothing more responsible than putting working families first. I look forward to passing our third consecutive balanced budget through the legislature, signing it into law, and delivering real relief to working families across Illinois.”

State Comptroller Susana Mendoza released the following statement about the proposed budget:

"I am very encouraged by the budget agreement announced by Gov. Pritzker, Speaker Welch and Senate President Harmon:

A full billion dollars that the state will NOT spend and will instead divert into the Rainy Day Fund to protect us from economic downturns. That’s responsible budgeting.
$500 million extra to pay down the state pension shortfall – saving taxpayers $1.8 billion. That’s responsible budgeting.
Property tax rebates up to $300 and other relief for working families including a break on grocery sales tax.

I commend them on reaching this agreement. I strongly urge the legislature to swiftly adopt this fiscally responsible budget, keeping us on the path to further credit upgrades."