State Revenue Falls in November, Surplus Projected for Current Fiscal Year
The Supreme Court declined to step in and stop Illinois’ assault weapons ban and the required registration of existing assault weapons before the January 1 deadline. (Photo: Chicago Tribune)
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A new report from the Commission on Government Forecasting and Accountability (COGFA) shows state revenue underperformed expectation in November, but the state is still ahead of its pace from a year ago.
The report, written by COGFA Revenue Manager Eric Noggle, says state revenue fell $243 million in November from the same time last year.
But, COGFA reports FY24 revenues (July through November) are above the FY23 pace by some $370 million.
A Governor’s Office of Management and Budget (GOMB) report last week projected the current fiscal year will end with a $1.4 billion surplus, but FY25, which begins next July, is projected to have an $891 million deficit.
Governor JB Pritzker told Capitol News Illinois last week projections will be volatile.
“I think you're going to see different projections as we go forward just because the economy is changing,” Pritzker said, alluding to strong Thursday stock market gains after the Federal Reserve indicated interest rates would remain flat for the time being and decrease in the coming months.
“I think it's a signal that everybody, we need to be careful in Illinois, we have to balance our budget…” Pritzker said to CNI. “And so, if that requires us to reduce the increases that may occur in certain programs, maybe that will be necessary.”
