On Wednesday, Governor J.B. Pritzker unveiled his fiscal year 2023 (FY23) state budget proposal, touting Illinois' strong fiscal position and highlighting a projected $1.7 billion surplus for fiscal year 2022. The governor emphasized administrative achievements related to governance, economic recovery, climate, and the pandemic. He also called for continued fiscal responsibility and debt alleviation efforts in FY23.
Governor Pritzker's proposed budget would appropriate $112.5 billion for the operating budget, which includes $45.4 billion in general funds. The budget proposal would also direct $46.5 billion to the capital budget, including $26.7 billion in total capital appropriations for the Illinois Department of Transportation (IDOT). This includes reappropriations from Rebuild Illinois, as well as new and increased appropriations related to the federal Infrastructure Investment and Jobs Act (IIJA). The Governor's Office of Management and Budget has indicated IIJA funds will be allocated to IDOT to support multimodal infrastructure projects and increase formula funds, but additional detail is still expected.
Key components of the governor's budget proposal amount to nearly $1 billion in tax cuts, including a proposed one-year freeze on the annual inflation-based increase in the motor fuel tax rate (MFT). The state originally began indexing the MFT to inflation in 2019 to ensure sustainable transportation revenues, a key recommendation from ON TO 2050, the region's long-range plan.
CMAP will continue to analyze the governor's proposal to determine impacts to northeastern Illinois. View the governor's speech and documents from the Governor's Office of Management and Budget.