SPRINGFIELD, Ill. (WTVO) — There are two weeks left in the spring legislative session in Springfield, which means that it is officially budget season.
However, Illinois is starting with less to work with.
The state’s tax revenue dropped by nearly $2 billion in the last fiscal year. State financial analysts expected there to be a dip, especially coming off of last year.
Illinois set records with tax revenue brought in last year. The estimates only effect the current budget.
Analysts did not lower estimates for next year’s budget, which will be passed in the next couple of weeks.
“It causes more of a problem, and trying to finish out the current fiscal year, which ends June 30, than it does in our planning for the next fiscal year,” said State Senator Chapin Rose.
The State is already planning for a recession over the next couple of years. Part of this year’s budget negotiations are about scaling back spending to avoid future problems.