The monthly report for September from COGFA (Illinois’ Commission on Government Forecasting and Accountability) shows respectable gains continuing for Illinois revenue.
The “big three” for state revenue are the personal income tax, corporate income tax and sales tax. For this September compared to last September, the two income tax sources increased by 10.7% and 10.8%, respectively. Sales tax revenue, however, was basically flat, off by .1%.
For the fiscal year-to-date, personal income tax receipts are up by 5.7%, corporate income tax receipts re up by 5.4% and sales tax receipts are up by 3.6%. In total, the state’s base general funds receipts have posted gains of $1.211 billion over the previous year-to-date. According to COGFA, the increase has been driven by specific transfers [Refund Fund and Capital Projects Fund], stronger federal sources, and good performance from the larger economically related sources.”
The September report also includes a rather interesting discussion Illinois consumer debt, which is lower than the national average. Households in Illinois hold about $47,380 of consumer debt per capita. That’s $3,800, or 7.4%, less than the national average.
Why? From the report:
It is unclear as to exactly why households throughout the country took on more debt than in Illinois. There is likely a combination of inter-related economic and demographic reasons for this difference. Illinois’ slow economic recovery from the Great Recession, the fiscal instability of State government in recent years, a lagging housing market, along with an aging and declining population has likely created the impression of afragile economic environment. These stated reasons, and likely others, may be contributing to Illinois residents being hesitant to take on more debt.