SPRINGFIELD – The state’s Rainy Day Fund has reached historic levels of over $2 billion thanks to the responsible fiscal leadership of the Illinois Senate Democratic Caucus.

“When I first joined the Senate in 2018, our state’s Rainy Day Fund was depleted, we had billions of dollars in unpaid bills and we were facing immense financial strains,” said Majority Appropriations Leader Elgie R. Sims, Jr. (D-Chicago). “Thanks to five consecutive balanced budgets, paying down our bills and making a number of smart spending decisions, Illinois now stands with the best fiscal footing it has seen in years. We’re better equipped than ever to handle a fiscal emergency. We will continue to be good stewards of the resources taxpayers trust to us, while setting Illinois up for long-term fiscal success.”

This week, the final deposit of the Fiscal Year 2023 budget was made to the Rainy Day Fund – bringing the FY 23 deposits to $1.18 billion – just as the Fiscal Year 2024 budget is set to begin, which will deposit an additional $138 million.

Strong revenue performance enabled the state to reduce unpaid bills, repay short-term borrowing, and set aside resources for future fiscal stability. During Fiscal Year 2022, Illinois Senate Democrats led a smart spending plan that included a deposit $746 million into the Budget Stabilization Fund – the start of many years of large deposits.

The balance in the Budget Stabilization Fund – or Rainy Day Fund – will grow an estimated $138 million in FY 24 under current law and is expected to have a $2.1 billion balance at the end of FY 24. Additionally, Senate Bill 1720 – led by Sims during the 102^nd General Assembly – raised the targeted balance of the fund from 5% of general funds revenues to 7.5% of revenues, demonstrating Illinois’ commitment to responsible fiscal planning.

The Illinois Senate Democratic Caucus vows to continue to make smart spending decisions that lead to economic development, job creation, and a more prosperous future.