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“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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