monthly report for July 2015 on Monday, August 3. General funds tax receipts continued to fall short of spending in the first month of the FY16 fiscal year, largely due to the partial rollback of State income tax rates in January 2015. In July, income tax receipts fell by $204 million. Of this shortfall, $189 million of the shortfall was in personal income tax receipts and $15 million was in corporate income tax receipts.
Although this July 2015 revenue shortfall was widely predicted and is now a matter of public record, the majority party in the Illinois General Assembly has not yet published an FY16 revenue estimate matching the CGFA numbers, even though the Constitution and laws of Illinois require it. Of course, if the majority party adopted a balanced revenue estimate this would lead to increased pressure upon themselves to enact a constitutional balanced budget for the same fiscal year; and they have not done this, either.