SPRINGFIELD (CNI) - Illinois is on track to run a more than $200 million deficit just three months into the current fiscal year, according to the Governor’s Office of Management and Budget.

If nothing changes, the deficit is on pace to grow to $2.2 billion when fiscal year 2027 begins next July.

GOMB released its annual report on Thursday, which includes a five-year projection for state spending and revenue rates. The report provides an annual early look at the direction of state finances, though longer-term windows are notoriously hard to accurately project. In past years, deficits have been considerably lower than the opening-round projections of the annual GOMB report.

This year’s report shows lower-than-expected corporate tax revenue, federal tax law changes and economic volatilit

See Full Page