Illinois Cuts Revenue Outlook on Economic, Federal-Funding Woes

Illinois slashed its revenue forecast for the coming fiscal year by about $500 million, citing questions around the economic outlook and policies of President Donald Trump that could reduce federal funding.

In a report this week, the governor’s Office of Management and Budget said it expects $54.9 billion in revenue in the 2026 fiscal year starting July 1, some 1% below the roughly $55.5 billion forecast in the spending plan submitted in February.

Governor JB Pritzker said in January that the state was preparing for potential budget hits from the incoming administration. In February, he warned of “devastating” effects ...