Illinois Reaches Record High Cash Balance, Exceeds FY24 Revenue Estimates
Cash balance nearly 9% of FY25 enacted General Funds Budget
July 3, 2024
CHICAGO—Today Governor JB Pritzker announced that the State of Illinois ended FY24 approximately $125 million, or .2%, above projected FY24 General Funds revenue estimates. Illinois also ended the fiscal year with the highest ever General Funds cash balance, capping off another year of fiscal responsibility and stewardship as Illinois continues to regrow its fiscal portfolio and restore fiscal stability following years of mismanagement.
“Nine credit rating upgrades, bill backlogs eliminated, six balanced budgets, and now the state’s highest ever General Funds balance—this is the result of disciplined, responsible fiscal management that prioritizes serving taxpayers and helping working families,” said Governor JB Pritzker. “As we head into the new fiscal year, I look forward to continuing to work with the General Assembly and other partners to continue strengthening Illinois’ economy and making our state the best place to live, work and do business in the nation.”
"We are serious about managing Illinois' money responsibly," said Lt. Governor Juliana Stratton. "When our state's finances are strong, we can invest in things that improve people's lives and help our communities grow. This isn't just about balancing the budget. It's about creating more opportunities for everyone in Illinois."
The state closed the month of June with a $4.67 billion General Funds cash balance, up from $3.85 billion at the end of June 2023. Of the $4.67 billion balance, $2.1 billion was in the Budget Stabilization Fund and $1.74 billion was in the General Revenue Fund. All in, the General Funds end-of-year cash balance totals almost 9% of the FY25 enacted General Funds budget. Credit reporting agencies and investors monitor state cash reserves to assess Illinois’ financial position and gauge the state’s ability to weather potential economic downturns. Improved fiscal conditions have led to lower credit spreads and reduced cost of borrowing for Illinois taxpayers.
This achievement comes as part of a pattern of fiscally responsible policies enacted since Governor Pritzker took office. The State of Illinois, through the Governor’s and the General Assembly’s leadership, has increased the state’s Rainy Day fund to over $2 billion, eliminated the state’s overdue bill backlog, made investments in infrastructure, lowered business taxes, improved the pension funded ratio, and passed six balanced budgets in a row.
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