News

Ill. Set for $1.2 Billion in Additional Revenue

Ill. Set for $1.2 Billion in Additional Revenue

Photo: Newsradio WTAX

State officials say Illinois is on pace to end its fiscal year with about $1.2 billion in additional revenue.

Most of the money is a one-time occurrence thanks to better-than-expected personal income tax collections and sales taxes. Lawmakers constructed the budget based on a revenue estimate of $35.4 billion.

The figures were released by the Commission on Government Forecasting and Accountability, the General Assembly’s fiscal forecasting arm.

Jim Muschinske is the commission’s revenue manager. He says the solid performance of the stock market in 2013 helped boost the tax revenue, but warned that can’t necessarily be expected to continue next year.

The state expects a significant revenue decrease next year because of an expected decrease in the income tax rate.

Recent Headlines

in Local

Cab Driver Charged with Endangerment After Mt. Vernon Teen Leaves Camp

police lights

A 13-year-old girl went missing after being dropped at an overnight church summer camp.

in Local

New Attorneys for Man Accused of Killing Quincy 7th Grader

jail

The Adams County public defender's office cited a conflict of interest.

in Local

Illinois River Hits Record Flood Stage at Meredosia

illinois river flooding

The river surpassed its 1943 record of 28.7 feet on Wednesday.

in Local

Danville Condemns Dick Van Dyke’s Childhood Home

Professional Dancers Society's 28th Annual Gypsy Award Luncheon at The Beverly Hilton Hotel - Arrivals

Featuring: Dick Van Dyke
Where: Los Angeles, California, United States
When: 29 Mar 2015
Credit: WENN.com

The childhood home of actor Dick Van Dyke could be torn down after Danville condemned it.

in Local

Unions Seek Full Pay Despite Lack of State Budget

gavel2

Unions representing Illinois state employees have filed a lawsuit demanding they will be paid in full and on time.