Illinois lawmakers and the state’s budget gurus continue to discuss how much money there will be to divide up for the 12 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,” Muschinske says. “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.”
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“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 outlineMarch 26, though lawmakers are not waiting until then to talk about it.