By: Mark Glennon*
The state’s overall base revenue for May was up about 7% compared to May for last year, the third straight up month, according to the monthly report from COGFA, the Commission on Government Forecasting and Accountability.
However, revenue remains down for the entire year-to-date. From COGFA:
Despite three consecutive months of decent growth, with only one month remaining in the fiscal year, base receipts are off $955 million, or 3.5%. As discussed in earlier briefings, receipt weakness is widespread, and has resulted in disappointing performances in the key areas of 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.