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Tuesday, November 12, 2024

Illinois projects budget deficit; Senator Bennett calls for economic reforms

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State Senator Tom Bennett | Illinois General Assembly

State Senator Tom Bennett | Illinois General Assembly

The Governor’s Office of Management and Budget (GOMB) has released its annual report, projecting a $3.16 billion budget deficit for Illinois in the upcoming fiscal year. This projection raises concerns about potential tax increases. State Senator Bennett attributes this situation to a 32 percent increase in state government spending since Governor JB Pritzker assumed office. Bennett highlighted that earlier this year, Democrat leaders approved a $53 billion budget, which includes nearly $1 billion in higher taxes and more than $1 billion in benefits for noncitizens.

Senator Bennett expressed concerns about the impact of record spending on Illinois' fiscal stability and the financial security of its residents. He stated, "Senate Republicans will continue to support the kind of business and government reforms needed to boost Illinois’ economy and jobs."

In other news, the Illinois Student Assistance Commission (ISAC) is offering free workshops statewide to assist with college applications and financial aid applications. The U.S. Department of Education has announced that the 2025-2026 Free Application for Federal Student Aid (FAFSA) will be available in December. The FAFSA is crucial for accessing federal, state, and institutional student financial aid.

November marks Adoption Awareness Month in Illinois, with celebrations planned across the state. The Illinois Department of Children and Family Services reports that over the past decade, 19,347 children have been adopted into families across Illinois. Special Adoption Day events are scheduled for November 22 in Chicago and Marion, November 23 in Rockford, and December 27 in Edwardsville.

Currently, there are 18,850 youth in care waiting for adoption. Last fiscal year saw 2,184 adoptions finalized in Illinois.

Financially, as of now, Illinois owes $1,747,358,237.35 to state vendors with 15,313 pending vouchers awaiting payment by the Comptroller's office. This figure does not include debts like unfunded pension liabilities estimated at over $139 billion.

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