By: Mark Glennon*
Base revenues for the State of Illinois fell again in February (compared to last Feburary) according to today’s report from COGFA, the Commission on Governmental Forecasting and Accountability. “Like a broken record,” COGFA says, monthly declines reflected weaker income taxes along with poor federal sources.
For the fiscal year-to-date, base receipts are off $1.453 billion, or 7.5%, compared to the same period last year. “Weakness is widespread, and has resulted in year over year losses in key areas such as income taxes and federal sources,” says COGFA
COGFA has scheduled a meeting for March 7 to discuss projected revenue revisions for the year, “with the likely outcome showing a significant downward revision necessitated by year to date performance.”
*Mark Glennon is founder of Wirepoints. Opinions expressed are his own.
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People are voting with their feet. For the third consecutive year, Illinois has lost more residents than any other state, losing 37,508 people in 2016, which puts its population at the lowest it has been in nearly a decade, according to U.S. census data .Now, if you are on welfare, or in a union ripping off exhibitors down at McCormick place, or in the teachers union, you are doing fine….for a while. Illinois will spend a record amount of money in fiscal year 2017, even though they NO budget! . With autopilot spending, court orders, consent decrees and appropriations, state… Read more »
So bottom line, on the taxpayers side, did the people get to keep more of their money, or did the people simply make less to be taxed, or is it because of fewer people? In a healthy state the first reason is is the only valid reason for a reduced revenue take. I doubt very much this is the case here.