New Illinois Governor Eyes Larger Fiscal Year 2020 Budget Hole | 2/26/2018 | Staff
CHICAGO (Reuters) – Illinois faces a $3.2 billion deficit in its upcoming fiscal 2020 budget that is nearly 16 percent higher than previously projected, Governor J.B. Pritzker’s administration said on Friday.

A five-year fiscal forecast released by former Republican Governor Bruce Rauner’s administration in November showed a $2.76 billion hole in the general funds budget for the fiscal year that begins July 1.

Pritzker - Administration - Office - January - Report

The Democratic Pritzker administration, which took office in January, said in a report the forecast did not take into account additional money Illinois needs to spend on higher education, public safety and other areas to deliver basic services, increasing the gap to $3.2 billion.

Deputy Governor Dan Hynes said Pritzker will propose a balanced fiscal 2020 budget on Feb. 20.

Revenues - Governor - Marijuana - Sports - Revenue

“It will require innovative and new revenues that are realistic,” he said, adding that the governor has identified legalizing recreational marijuana and sports betting as potential revenue producers in the short term and a graduated income tax in the longer term.

The report took aim at Rauner for waging an “ideological war” that plunged the nation’s lowest-rated state deeper into debt.

Illinois - Challenges - Administration - State - Ditch

“Illinois already had fiscal challenges to overcome, but the previous administration drove the state into a ditch,” the report stated,...
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