Discussions began after Governor JB Pritzker delivered his FY23 Budget and State of the State Address Wednesday at the Old State Capitol. The Governor’s budget plan covers the upcoming Fiscal Year 2023, a 12-month period that will begin on July 1, 2022 and will end on June 30, 2023. The budget anticipates that Illinois will have $45.4 billion in general funds to spend in FY23. This follows the $43 billion budget approved by the Democrats in 2021 for FY22.
In submitting his FY23 budget, Gov. Pritzker tried to make the case that the FY23 budget spends $1.6 billion less than the FY22 budget. However, House Republican budget analysts found that the proposed FY23 operational budget spends $2.5 billion more than equivalent spending levels in FY22. At the same time, FY23 state revenues are actually on track to decline by $460 million compared to FY22. The FY23 Pritzker budget would lock unsustainable spending patterns into place. The FY23 budget proposal could set the stage for future tax increases on Illinois working families.