By: Mark Glennon*
Tax and other revenue for Illinois’ remained weak in April. Total tax receipts compared to April last year were off 1.3%. However, transfers from the federal government increased, putting total sources $216 million ahead for the month (a 6.5% improvement for the month).
For the fiscal year to date, however, the decline remains troubling. With ten months now behind us for the fiscal year, total revenue sources are lagging $1.2 billion (a 4.8% drop) compared to the previous fiscal year.
The figures come from the monthly report just released by COGFA, Illinois’ Commision on Government Forecasting and Accountability.
Says COGFA:
As discussed in earlier briefings, the receipt weakness is widespread, and has resulted in disappointing performances in key areas such as income and sales taxes as well as federal sources.
*Mark Glennon is founder of Wirepoints. Opinions expressed are his own.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.