(The Center Square) – Illinois collected more taxes than initially thought in the current fiscal year, according to a bipartisan commission.
There’s also an increase of more than three-quarters of a billion dollars for the coming fiscal year.
As lawmakers craft the budget for the coming fiscal year, they’re getting revised estimates from the bipartisan, bicameral Commission on Government Forecasting and Accountability.
A May 2021 report from COGFA obtained by The Center Square shows the state is actually bringing in $45.6 billion in the current fiscal year that ends June 30. That’s more than $2 billion more than the previous projections released in March.
“As we have moved through the current fiscal year, significant adjustments have been made to account for actual events and/or incorporate actual receipt experience as well as updated economic trajectories,” a revised Fiscal Year 2022 economic forecast and revenue estimate report from COGFA states.
Actual receipts for both March and April have been booked and the report says despite final payment deadlines for personal income tax being delayed from April 15 to May 14, revenues “continue to significantly outpace expectations.”
“As a result ... the Commission is making a revision for FY 2021, as revenues are expected to total $45.616 billion, or $2.025 billion above the March projection,” the report said.
That’s not meant to reflect what’s expected for FY 2022, which begins July 1, the commission said.
“That said, there is a measure of base growth that can be expected to be carried forward from the FY 2021 adjustment, particularly as it relates to continuation of underlying improvement of economic conditions as we distance ourselves from the worst of the pandemics impact,” the report said. “Therefore, the Commission’s revised revenue forecast for FY 2022 improves to $41.188 billion. The updated outlook reflects $792 million in total upward adjustments.”