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* Capitol News Illinois…
Final state revenues for March were up $413 million from the prior year, putting state coffers about $831 million ahead of this time last year. […]
Last month, COGFA increased revenue expectations for the current fiscal year by about $2 billion from what was projected when lawmakers passed the budget last May. It now anticipates $52.6 billion in revenue for the fiscal year that ends June 30.
“While there continues to be subtle signs of weakening in certain revenue areas that must be watched, March’s $413 million in additional growth helps solidify the Commission’s latest forecast,” COGFA wrote in its monthly report.
There’s one quarter left in the fiscal year, and April is a generally volatile month for state revenues as final income tax collections are received. COGFA noted it is not making an adjustment to income tax projections at this time – although April’s performance could move the needle in either direction.
The latest COGFA report is here.
posted by Rich Miller
Tuesday, Apr 9, 24 @ 11:38 am
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