By: Mark Glennon*
Tax receipts and other revenue for the State of Illinois declined again in January, continuing an ominous trend, according to the monthly report released today by COGFA, Illinois’ Commission on Governmental Forecasting and Accountability.
Comparing last month to January of 2016, overall base revenues were off $167 million, or 5.4%. For the fiscal year-to-date (that started in July), base receipts are off $1.031 billion, or 5.9%.
COGFA writes:
The past months performance did little in the way of alleviating concerns over FY 2017 revenues spelled out in last month’s briefing, particularly the disturbing observations made regarding the “Big Three” [personal income tax, corporate income tax and sales tax]. While sales tax now has managed to post back to back months of decent performance, those gains were more than erased with continued drops in both personal and corporate income taxes.
It’s ugly.
*Mark Glennon is founder of Wirepoints. Opinions expressed are his own.
A set of state lawmakers want to extend CPS’ current school closing moratorium to February 1, 2027 – the same year CPS is set to transition to a fully-elected school board. That means schools like Manley High School, with capacity for more than 1,000 students but enrollment of just 78, can’t be closed for anther three years. The school spends $45,000 per student, but just 2.4% of students read at grade level.
Hopefully, all media will get the message, in Illinois, too.
Ted joined Tom Miller of WJPF to talk about Illinois’ highest-in-the-nation property taxes, why lawmakers don’t want to touch the tax’s cost drivers, just how much Illinoisans’ tax burden has grown over the decades, why Gov. Pritzker failed to meet his promise to reform property taxes, and more.
Thank you mark for your wonderful daily reports…some days they make my blood boil but at least I know we,re getting screwed by the powers that be…jack bainbridge