New Report Issued By CGFA

The report, which covers Illinois general funds receipts and expenditures for the month of December 2015, was generated by the non-partisan Commission on Government Forecasting and Accountability (COGFA).

With the State’s large single budget source – personal income tax revenues – continuing to feel the effects of the current individual income tax rate of 3.75%, December 2015 general revenues net of refunds were down by $430 million from comparable levels of funds paid to the State in December 2014. Of this decline, $376 million was accounted for by changes in personal, individual, and corporate income tax flow, net of refunds.

Most other specific revenue items were flat or showed small declines. However, December 2015 sales tax receipts declined $14 million as consumer retail sales continued to shift online. There was a sharp decline in Illinois State Lottery ticket sales in the fall of 2015, with effects spilling over into December, as the Lottery temporarily failed to make payments on some winning tickets. Lottery proceeds credited to Illinois general revenues declined by almost 20% in December 2015 from year-earlier numbers, declining from $65 million to $53 million. The General Assembly has enacted a special appropriation measure to enable winning lottery ticket payments to resume.