CAPITAL NEWS ILLINOIS – The first extensive public look at next year’s state finances contains a warning to lawmakers from the governor’s office: “The ability to fund new programs will be severely limited” next fiscal year.
That comes from the Governor’s Office of Management and Budget, which projected a potential budget shortfall of $3.2 billion for fiscal year 2026, which doesn’t begin until July 1.
The Illinois Economic and Fiscal Policy Report published each November is often seen as a table-setter for the budgeting negotiations that will ramp up in earnest when lawmakers return to the Capitol for the legislative year that begins each January…