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.