SPRINGFIELD, Ill. (WSIL) -- Illinois' forecasted $1 Billion surplus next year could help pay down debt while preparing the state for future crises.
According to a press release by the Governor's Office of Management and Budget, the state projects a $1.7 Billion net surplus thanks to higher than expected income and sales tax collections.
The projected surplus would wipe out a forecasted Fiscal Year 2023 shortfall of nearly $3 Billion that was estimated in 2019, according to GOMB.
Gov. JB Pritzker recommended the state use that money to prepare for 'the economic uncertainty that lies ahead'.
That includes adding $1.3 Billion to the state's rainy day fund, currently at $1.04 Billion, which would raise it to $2.3 Billion. GOMB says Illinois is still among the smallest state rainy day funds.
Senator Chapin Rose (R-Champaign) says the state should plan to use the projected surplus to pay down debt like the Unemployment Insurance Trust Fund.
"We need to absolutely shore up the trust fund," Rose said. "Don't leave short-term debt out there. That's going to add a tax increase on the people of Illinois. You don't have a rainy day fund if you still owe people money."
The governor also recommended setting aside funds to pay off revenue bonds issued in 2010 in the wake of the Great Recession. About $500 million is still owed as of Monday, according to GOMB.