State revenue is expected to increase 2.3 percent next fiscal year over this year. This is the projection of Jim Muschinske, revenue manager for the Commission on Government Forecasting and Accountability. “That represents an $800 million increase from Fiscal Year ‘13, and reflects a fairly conservative view of the upcoming fiscal year,” Muschinske testified before two Illinois Senate committees Friday in Chicago, telling lawmakers that personal and corporate income tax will experience slow growth, as will sales tax, as consumers continue to be careful with their money.
Click here for summary
Lawmakers will use his projection of $35.081 billion in general fund revenue to help formulate the state budget. Lawmakers may not be guided by this projection alone: The Governor’s Office of Management and Budget, the Illinois Department of Revenue and outside financial experts also may provide guidance. The 2014 fiscal year starts on July 1, 2013.