Illinois projections of da budget????
October 5, 2013 § Leave a comment
The September 2013 monthly update on Illinois economic activity published by the Commission on Government Forecasting and Accountability (CGFA), the economic “think tank” maintained by the General Assembly, reports that General Funds revenue receipts for the first quarter of FY14 are tracking ahead of the receipts for the same period in FY13. For the first three months of FY14, net General Funds receipts total $8.433 billion. This total is $700 million higher than the FY13 total for the first quarter. A primary reason for the increase in FY14 revenue receipts is a one-time spike in transfers in August from the Income Tax Refund Fund into the General Fund. This one time transfer accounts for $397 million of the first quarter revenue growth.
Receipts from both the personal income tax and the corporate income tax have also seen growth compared to FY13. Revenue from the personal income tax is up $205 million (net of refunds) and receipts from the corporate income tax are up $75 million (net of refunds). Perhaps the strongest surprise in growth is due to the sales and use tax, which is up $139 million year to date. Strong continued growth will be necessary to provide sufficient revenue to support the $35.446 billion appropriated in this year’s FY14 spending bills. More information may be found here.