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Municipal Bonds: What Investors Should Know About State Fiscal Health


Figure 5. Positive Revenue and Reserve Trends and Constructive Ratings 

Fiscal year total revenues, reserve balances, and credit quality ratings

Illinois fiscal summary table shows FY2026 revenues of $56.3 billion and reserves of $2.5 billion, both up about 4% from FY2025, alongside credit rating improvements since 2016 across Moodys, S&P, and Fitch.

Source: State of Illinois Investor Presentation, March 13, 2026, and Commission on Government Forecasting and Accountability Monthly Briefing, June 30, 2026. Ratings data as of December 31, 2026, and December 31, 2016. Illinois’ fiscal year ends on June 30. Fiscal year data refers to the 12 months of fiscal year 2026 (July 1, 2025, through June 30, 2026) and fiscal year 2025 (July 1, 2024, through June 30, 2025). For illustrative purposes only.



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