HB4950: BUDGET-SPENDING GROWTH RATE

Legislative Summary

Amends the State Budget Law of the Civil Administrative Code. Provides that, beginning with the budget prepared for fiscal year 2026, the rate of growth of appropriations from the State general funds over the preceding fiscal year appropriations from the State general funds shall not exceed the rate of growth of the Illinois economy. Provides that "rate of growth of the Illinois economy" means the compound annual growth rate of the gross domestic product in the State over the preceding 10 calendar years, calculated using data reported by the United States Bureau of Economic Analysis or its successor agency before December 31 immediately preceding the beginning of the applicable fiscal year.