Bill > HB3014

This bill amends the State Budget Law of the Civil Administrative Code to introduce a new constraint on state budget growth starting in Fiscal Year 2027. Specifically, the bill mandates that the rate of growth for appropriations from state general funds cannot exceed the rate of growth of the Illinois economy. The bill defines the "rate of growth of the Illinois economy" as the compound annual growth rate of the state's gross domestic product (GDP) over the preceding 10 calendar years. This calculation will be based on data reported by the United States Bureau of Economic Analysis (or its successor agency) before December 31 immediately preceding the start of the applicable fiscal year. The purpose of this provision appears to be to ensure that state spending increases are aligned with the overall economic growth of Illinois, potentially preventing unsustainable budget expansions that outpace the state's economic performance. By tying budget growth to economic growth, the bill aims to create a more fiscally disciplined approach to state spending.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3014&GAID=18&DocTypeID=HB&SessionID=114&GA=104