State Representative Ryan Spain addressed concerns regarding the predictions for the 2026 fiscal year budget in a Facebook post dated November 4. He said, "Illinois families are already facing some of the highest tax rates in the nation."
"The Governor and supermajority Democrats have spent taxpayer dollars recklessly, creating new state programs with temporary funds and relying on gimmicks to paint a rosy picture of Illinois finances," said Spain, according to Facebook. "llinois families are already facing some of the highest tax rates in the nation, our residents do not deserve the added burden of paying for Democrats' out-of-control spending habits."
According to Spain's post, he shared a report from WBEZ that focused on the recently released Illinois Economic and Fiscal Policy Report. WBEZ describes the forecast of a more than $3 billion shortfall in the next fiscal year as a "major departure" from previous years when budgets included a surplus under Governor Pritzker’s administration. The report also suggests that this shortfall may influence Pritzker's decision on whether to seek a third term. Additionally, it mentions increases in areas such as education and health insurance for state workers, legislators, judges, and their family members.
The report from the Governor’s Office of Management and Budget (GOMB), published on November 1, is part of the required Economic and Fiscal Policy Report presented to the General Assembly. It provides information about Illinois' long-term economic and fiscal policy intentions over 2025 and the subsequent four years. The report notes that nationally, inflation is high, the stock market is sluggish, while the job market remains stable. It discusses real gross domestic product (GDP), labor market conditions, and income levels.
Illinois is reportedly experiencing economic conditions similar to those at the national level. Updated projections for fiscal year 2025 indicate that individual income taxes and investment income have surpassed forecasts, with GOMB reporting $569 million in increased revenue forecasts. The General Fund is expected to have $199 million more than previously anticipated.
For Fiscal Year 2026, projections using S&P Global's baseline forecast for 2024 estimate General Fund revenues at $53.406 billion, including $10.369 billion from sales tax revenue and $873 million transferred from General Funds into the Road Fund. However, expenditures are estimated to exceed revenues by $3.173 billion.
Spain has represented Illinois' 73rd House District since 2017. A lifelong resident of Peoria, he holds degrees in political science and speech communication from the University of Illinois at Urbana-Champaign and an MBA from Bradley University. His public service record includes serving on the Peoria City Council from 2007 until fall 2016.
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