Monday, November 14, 2022
CAIRO—I wholeheartedly endorse Governor Pritzker’s proposal to put $1.3 billion more in the state’s Rainy Day Fund.
This will continue Illinois’ progress, catching up to other states on preparing for any possible economic downturn. It protects Illinois’ important programs that care for our state’s most vulnerable, our schools and our health care systems.
I will continue to fight for the passage of my Rainy Day Fund bill, HB 4118, which makes funding the Rainy Day Fund and the Pension Stabilization Fund an annual obligation.
This responsible budgeting will send exactly the right message to the bond rating agencies that Illinois remains a good investment and is serious about restoring our fiscal health.
It's prudent to be cautious about the impact inflationary pressures from the national/international economies can have on Illinois government. The report notes the Federal Reserve tries to mitigate these pressures, encouraging less spending and more savings. Likewise, with state government, Illinois should heed this direction to spend less, save more and better prepare for economic downturns that could hamper our ability to meet state obligations. This is why continuing to build the state’s Rainy Day Fund is essential. It is also the best path to further bond rating upgrades.
I urge legislators to get behind Governor Pritzker’s proposals to put more money in the Rainy Day Fund and toward the Unemployment Insurance Trust Fund, including funds to address technology funding shortages. Any urge to spend one-time revenues on new programs must be resisted. Now is not the time to spend. It is time to shore up our reserves and continue exhibiting strong fiscal discipline.