By: Mark Glennon*
The Illinois Commission on Governmental Forecasting and Accountability released its December report. As has been the trend, state revenues are not increasing materially, and in aggregate are down for the year.
Comparing December 2014 to December 2013, state tax and fee receipts increased by $103 million or 3.2%. However, transfers to the state from the Federal government declined by $20 million, or about 7.9%. In total, including various refunds, state receipts increased by $72 million or 2.2% compared to December 2013.
For the entire 2015 fiscal year to date (July through December 2014), state income sources have increased by just $71 million, or 0.4%. Adding in refunds and Federal transfers, total state revenue for the year is down $430 million or 2.6% compared to last year.
Hopes that a rebounding economy will help stabilize the state budget are not, so far, holding up.
*Mark Glennon is founder of WirePoints