By: Mark Glennon*
Every month, the Illinois Commission on Government Forecasting and Accountability updates its numbers on how much revenue the state is collecting for its general fund. Its report for September has some good and some bad news.
Compared to September of last year, total tax receipts are up 1.7%, thanks primarily to a 6.5% increase in income tax receipts. Same story for year-to-date totals, which are up 3% compared to last year.
The bad news is that transfers from other funds, particularly the Federal government, are off, more than offsetting the improvement in tax receipts.
Net-net, total income for the state’s general fund last month was down 2.9% compared to September last year. Year-to-date, total receipts are down 4.8% compared to last year.
Comparisons to last year remain a bit misleading because last year saw a surprise jump in tax receipts, due to high earners accelerating income recognition to beat impending higher Federal taxes.
Fellow wonks, the details re below and the full COFGA report is linked here.
September 2014 vs September 2013
Year-to-date 2014 vs 2013
*Mark Glennon is founder of WirePoints
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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.