fy24 budget signing 060723SPRINGFIELD – Thanks to steadfast, responsible leadership from members of the Illinois Senate Democratic Caucus, the governor signed the state’s fifth balanced budget in a row into law Wednesday.

“Passing this budget was an exercise in trust, working together to prioritize paying down debt, shoring up our rainy day fund and ensuring a durable, balanced budget,” said Senate President Don Harmon (D-Oak Park). “I want to thank Governor Pritzker for his commitment to responsible budgeting. I also want to thank Speaker Welch for his partnership and the incredible Senate budget negotiators for their hard work. The future looks bright for Illinois.”

The Fiscal Year 2024 budget reflects fiscal responsibility, building upon four years of historic fiscal progress with a commitment to balanced budgets, eight credit rating upgrades, a Rainy Day Fund set to surpass $2 billion, and the elimination of the bill backlog.

Prioritizing education from birth to graduation, the budget includes investments to expand preschool and ensure that everyone at or below the median income level can go to community college for free.

“The budget signed today builds upon our strong, smart spending decisions of recent years that have led Illinois to not just one credit upgrade – but eight. I am proud of the steps we took to continue Illinois on the right path,” said State Senator Elgie R. Sims, Jr. (D-Chicago) – the Senate’s Appropriations Leader. “We didn’t just look at fiscal outcomes but prioritized our most vulnerable populations, educating our young people, keeping our communities safe, creating good jobs, and growing our economy. Continuing our principled and disciplined approach will keep our fiscal house in order.”

The budget also focuses on health and human services – working to better serve Illinoisans with developmental disabilities, children in the care of DCFS, older adults, and many other of our state’s most vulnerable populations. It also includes funding to address homelessness, commit to public safety and more.

Further, the budget led by the Illinois Senate Democratic Caucus provides robust investments for business attraction and development, workforce training, economic assistance programs, and more. It includes funds to support job creation, improve commercial corridors and attract new businesses to the state.

The FY 24 budget takes effect July 1.