Gov. Pritzker Announces Passage of Sixth Consecutive Balanced Budget
The $53.1 billion package continues the Governor’s investments in early childhood, business development, working families
May 29, 2024
Springfield—Today the Illinois General Assembly passed the $53.1 billion state FY25 budget package, concluding a legislative session that reaffirmed Governor Pritzker’s commitment to common-sense investments in Illinois families and fiscal responsibility. This is the sixth balanced budget the Governor has proposed in as many years and continues a track record of fiscal responsibility and good stewardship that has raised Illinois’s credit rating nine times and paid off billions in debt.
“Since day one, I’ve said I would only support a balanced budget that makes good use of Illinois taxpayer dollars to make our state and its working families stronger—and the budget agreement passed today fulfills both of those goals,” said Governor JB Pritzker. “I’m grateful for the partnership of Speaker Welch, President Harmon, and the budget negotiating team in getting this package across the finish line, and I look forward to seeing how the initiatives approved within will benefit Illinoisans across the state.”
“This budget reflects our steadfast belief that every Illinoisan deserves an opportunity to thrive, free from the burdens of poverty, lack of access to healthcare, and systemic barriers,” said Lt. Governor Juliana Stratton. “With the historic investments included in this budget, we are paving the way for generations to come, ensuring that Illinois remains a beacon of hope and progress. I thank Governor Pritzker, Speaker Welch, President Harmon, and our partners in the General Assembly for their hard work.”
Governor Pritzker and the General Assembly have collaborated to pass six balanced budgets in the five and a half years since he took office. In that time, the state has seen its Budget Stabilization Fund balance grow to over $2 billion, received nine credit rating upgrades, paid down an $8 billion bill backlog, and surpassed a trillion dollar economy.
Some highlights of the FY25 budget include:
- $500 million to build a world-leading quantum computing campus, attracting billions in potential private sector and federal government investment.
- More than $500 million in increases for education funding across early childhood, K-12, and higher education.
- $50 million for the state’s first ever child tax credit to help working families with children under 12 who receive earned income tax credits.
- Pay increases for Direct Support Professionals (DSP) who work in group homes and Community Care Program (CCP) in-home providers who serve seniors.
- Nearly $3 billion to serve people with intellectual and developmental disabilities, the highest-ever investment of its kind in Illinois.
- Funding to increase birth equity and eliminate black maternal mortality disparities.
- Increases in funding to safety net hospitals and nursing homes across the state.
- $198 million into the Budget Stabilization “Rainy Day” Fund.
- Elimination of the statewide grocery tax.
- $290 million to Home Illinois to work towards ending homelessness in Illinois.
- $14 million to fund creation of the new Department of Early Childhood.
In addition to the budget package, the General Assembly passed several landmark pieces of legislation in the final weeks of session that were initially proposed by Governor Pritzker in his February “State of the State” address, including:
- The Healthcare Protection Act, a series of reforms meant to address network inadequacy and eliminate step therapy and prior authorization issues to make health insurance companies more navigable and affordable for patients and providers.
- Nearly $1 billion in medical debt relief supported by a $10 million new state funding commitment.
- Strengthened protections to Illinois SHIELD laws to protect patients travelling from out of state to obtain reproductive care.
- Establishment of nation-leading standards around carbon capture and sequestration.
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