Illinois closed out fiscal year 2024 on a positive note, boasting a healthy cash balance of $4.7 billion, which includes a record-high rainy day fund of $2.1 billion. Comptroller Susana Mendoza’s strategy to pre-pay required monthly pension payments while funds are available indicates a proactive approach to financial management. Governor JB Pritzker points to the state’s fiscal responsibility, citing the nine credit upgrades received since he took office. The state’s revenue collection of $52.6 billion in FY24 exceeded initial expectations, demonstrating sound financial stewardship. It’s important to note that the cash on hand is not indicative of a surplus, as it includes allocated but unspent funds.
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