By: Mark Glennon*
The monthly report is now out for September from Illinois’ Commission on Government Forecasting and Accountability. It shows monthly and year to date revenue collection by the state compared to last year.
Not good. Revenues continue to decline.
For the fiscal year to date (which started July 1), total base revenue is down $145 million. That’s a 2.1% decline from the same period last year. According to the report, “both personal and corporate income taxes have disappointed. At least sales tax receipts have grown, albeit at fairly weak levels.” Sales tax receipts have grown consistent with forecasted growth (a 2.4% increase over last year).
But corporate income taxes are off $138 million net of refunds. Personal income tax, “after a poor September, is down $166 net of refunds and $168 million if diversions to the education and human service funds are included.”
The bottom line is that, for anybody hoping recovery will help the budget situation through increased revenues, the year so far is very disappointing.
*Mark Glennon is founder of WirePoints. Opinions expressed are his own.