Illinois Gov. JB Pritzker signed the state's $50.4 billion budget for the next fiscal year into law Wednesday, hailing it for being balanced and what he called its “transformative investments” in early childhood, K-12 and higher education.
Pritzker, flanked by fellow Democrats Senate President Don Harmon and House Speaker Emanuel “Chris” Welch, signed the budget at Christopher House, a pre-K through eighth grade nonprofit school, to highlight state spending on early childhood development with an initial $250 million investment in a new program called Smart Start that aims to expand preschool access.
The budget also invests $350 million for K-12 education throughout the state as well as $100 million for college scholarships and to provide free access to community colleges.
It also has funding to hire and train 200 state police officers, contributes an additional $200 million to the state’s pension systems beyond what's required and makes ongoing contributions to the state’s budget stabilization fund, set to surpass $2 billion.
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“Our budgets have allowed thousands more students to stay in Illinois because they can afford a college degree. Balanced budgets have allowed us to modernize our infrastructure, build nation-leading clean energy production, attract industries of the future like quantum computing, and prioritize childcare for working families and our youngest children,” Pritzker said in a statement.
“Passing this budget," Harmon said, “was an exercise in trust, working together to prioritize paying down debt, shoring up our Rainy Day Fund and ensuring a durable, balanced budget.”
Welch said that “with this budget we’re building a stronger economy and putting our state back on sound fiscal footing, while also making smart investments in priorities like education, health care, and local communities."
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The budget reflects projected revenues of $50.6 billion and expenditures of $50.4 billion, resulting in a $183 million surplus.
No Republicans in either chamber of the General Assembly supported the budget.
The fiscal year 2024 budget takes effect July 1.
