January’s COGFA Report: Further Decline in State Revenue – Wirepoints Original
By: Mark Glennon*
Tax receipts and other revenue for the State of Illinois declined again in January, continuing an ominous trend, according to the monthly report released today by COGFA, Illinois’ Commission on Governmental Forecasting and Accountability.
Comparing last month to January of 2016, overall base revenues were off $167 million, or 5.4%. For the fiscal year-to-date (that started in July), base receipts are off $1.031 billion, or 5.9%.
The past months performance did little in the way of alleviating concerns over FY 2017 revenues spelled out in last month’s briefing, particularly the disturbing observations made regarding the “Big Three” [personal income tax, corporate income tax and sales tax]. While sales tax now has managed to post back to back months of decent performance, those gains were more than erased with continued drops in both personal and corporate income taxes.
*Mark Glennon is founder of Wirepoints. Opinions expressed are his own.