The monthly state revenue report shows personal and corporate income tax receipts for May dropping 6.1% and 11.6% compare to May 2018. Sales tax receipts, however, jumped 15.7% compared to the same month for last year. In total, all state revenue sources for the month were off 0.7% compared to May last year.
That’s after the a stunning April in that saw total sources jump $1.5 billion compared to April 2018, taking a bit of pressure off the recently completed budget.
Still, total state sources for the fiscal year-to-date are up 8.3% compared to the same period last year. That allowed the Commission on Government Accountability and Forecasting, in a separate report this week, to revise its total revenue for the general fund from all sources up by $770 million for this fiscal year, which ends June 30.
– Mark Glennon
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.
In a booming economy and labor market, how did May income revenue drop so much year over year?