State Treasurer Says Full-Year Budget Needed to Improve State Finances
August 5, 2016
Springfield – While some state agencies and non-profit organizations are breathing a sigh of relief over the state’s passage of a six month budget, not everything is in the clear according to the state’s treasurer.
On Tuesday, state treasurer Michael Frerichs announced the state earned about $7.9M dollars less in investments during the second quarter.
Despite a six month budget agreement, the state could potentially miss about $31M dollars in projected earnings for the year.
Treasurer Frerichs said once the November elections are over the governor and general assembly should focus on a twelve month budget for the betterment of the state.
“This temporary six month budget is better than what we’ve had for the last year, but it’s still not where we should be. It’s my hope that after the election season is over the governor and general assembly and come together and pass a full-year budget. It will allow us to make long-term investments and have greater certainty and that will help us bring in more money into the state of Illinois,” said Frerichs.