Chicago is facing a $223 million budget gap this year, and the city is projecting a nearly $1 billion shortfall in the 2025 fiscal year.

As Chicago grapples with a nearly $1 billion budget gap in the coming year, the city shouldn’t count on the state to help fill it. Gov. J.B. Pritzker said he’s “read things in the newspaper” about relief Chicago may want from the Illinois government, but at this point that’s not something his budget team is thinking about.

City officials said Tuesday they are “hyper prepared” for a renewed surge of buses paid for by Texas Gov. Greg Abbott to arrive in Chicago before the Democratic National Convention kicks off in less than four weeks.

Comptroller Susana Mendoza noted the high cash balance helped Illinois generate over $558 million in interest income in FY24, a 53% increase from the previous year. 

Sports wagering and video gambling have developed into two of the most robust markets in the nation; Illinois’ sportsbooks collectively have the fourth-largest handle among all states, while Illinois’ video gambling industry is by far the largest of any state.

Declaring it a spending plan that’s “balanced, fiscally responsible, pro-family, cuts taxes on workers and opens up doors of opportunity,” Gov. J.B. Pritzker on Wednesday signed Illinois’ next state budget into law.

Not only did the Chicago Bears and White Sox fail to win state funding for new stadiums before the General Assembly’s session ended last week, the teams shouldn’t expect to notch a legislative win later this year.

For low- and middle-class families feeling the pressures from the rising costs of living, the passing of a state-level child tax credit is a “big win,” said Ameya Pawar, a senior advisor at Economic Security Project and former alderperson of Chicago's 47th Ward.

Despite holding 78 seats in the chamber, it took Democrats three tries to reach the 60 votes needed to approve more than $1.1 billion in revenue increases, including a tax hike on sportsbooks and businesses, to balance the $53.1 billion spending plan for fiscal year 2025.

The fiscal year 2025 spending plan, which came together over a stretch of late nights and closed-door dealmaking, spends $400 million more than what Gov. J.B. Pritzker proposed in his February budget address.

“Illinois cannot simply hope that its remaining fiscal challenges will disappear on their own,” the Civic Federation says in a new report. “They will not until they are addressed head on.”

CPS is anticipating a budget deficit of $391 million for the coming school year as COVID-19 relief funding runs out. That deficit is expected to rise to $700 million the following year.

Advocates say as many as 40,000 youths statewide could lose access to tutoring services, recreation and other extracurricular activities this summer unless Illinois lawmakers approve an infusion of funds to keep them going.

Immigrant rights advocates on Friday continued to push for one of their top budget priorities: full funding for state-run health care programs that benefit noncitizens, regardless of their immigration status.

With a month and a half left in the General Assembly’s spring session, Gov. J.B. Pritzker’s administration is readying its proposal to address Illinois’ chronically underfunded pension system.

The recent surge of migrants arriving in Illinois has brought with it a host of new challenges for state and local officials. Advocates say the state has not done enough to address educating the children of those coming across the border.