News

Lawmakers Crunch the Numbers

Lawmakers Crunch the Numbers

Illinois lawmakers and the state’s budget gurus continue to discuss how much money there will be to divide up for the twelve months beginning July 1.

The state’s independent Commission on Government Forecasting and Accountability stands by its $34.4 billion revenue estimate. COGFA revenue manager Jim

Muschinske prefers to be conservative.

“I think that Fiscal Year ’14 has been a great case study in the volatility of corporate profits,” says Jim Muschinske, revenue manager for the Commission on

Government Forecasting and Accountability. “A year ago, we sat here, and most firms were anticipating a falloff in corporate profits, and, yet. here we are, talking about how good corporate income tax receipts have gone this fiscal year. Unfortunately, the flip side of that can easily occur as well.”

“We increased our estimate for personal income tax receipts by $300 million,” says Ben Winek of the Governor’s Office of Management and Budget, which, in

partnership with the Illinois Department of Revenue, expects about $35 billion.

“The money has been deposited. The other big difference between the two numbers is how much the state expects to receive in federal resources.”

The governor presents his budget outline March 26, though lawmakers are not waiting until then to talk about it.

 

Recent Headlines

in Local

Bill Automatically Registers to Vote Those Getting A Driver’s License or ID

Illinois General Assembly

Bill sponsors don't expect it to pass this legislative session.

in Local

Champaign Leads Illinois Cities in 5-Year Growth

Champaign

Decatur had drop in population.

in Local

General Assembly to Get Going on Rauner’s Bills

Illinois General Assembly

Several bills coming out of the governor's office are on Rauner's "Turnaround Agenda".

in Local

Special Election Candidate Says Raise in Gas Tax Isn’t the Way to Go

Mike Flynn

Mike Flynn says there are alternatives to raising gas tax in order to fund the Highway Trust Fund.