CHICAGO, Ill. – Governor JB Pritzker says for the third time in the last few years, the state has done something it hadn’t done in the two decades prior: improve its financial rating.
Moody’s has once again improved the state’s General Obligation and Build Illinois bond ratings, citing tax revenue growth, better financial reserves, and a stronger fund balance.
But even Pritzker knows it might not last forever.
“We lowered our revenue estimates for the state,” Pritzker said Thursday in Chicago. “We know that the economy of Illinois can’t grow at 5.7 or six percent every year. That’s not going to happen. That was an unusual year. We were coming out of — we still are — coming out of a pandemic…significant infusions into the economy by the federal government.”
Pritzker says the budget he just signed this week accounts for the lower revenue expectations coupled with lower spending.
“This is, really, one of the best budgets we’ve ever had for the State of Illinois — paying down debts, balancing the budget, putting money into where we think the best investments are…a lot of that is in our kids and their education, making sure that we’re providing health care, and overcoming the hollowing out that occurred in our state government.”
The bond rating change — to “Baa1 stable outlook” from “Baa2 stable outlook” means the state could borrow money at lower interest rates.
