News

Lawmakers Crunch the Numbers

Lawmakers Crunch the Numbers

Illinois lawmakers and the state’s budget gurus continue to discuss how much money there will be to divide up for the twelve months beginning July 1.

The state’s independent Commission on Government Forecasting and Accountability stands by its $34.4 billion revenue estimate. COGFA revenue manager Jim

Muschinske prefers to be conservative.

“I think that Fiscal Year ’14 has been a great case study in the volatility of corporate profits,” says Jim Muschinske, revenue manager for the Commission on

Government Forecasting and Accountability. “A year ago, we sat here, and most firms were anticipating a falloff in corporate profits, and, yet. here we are, talking about how good corporate income tax receipts have gone this fiscal year. Unfortunately, the flip side of that can easily occur as well.”

“We increased our estimate for personal income tax receipts by $300 million,” says Ben Winek of the Governor’s Office of Management and Budget, which, in

partnership with the Illinois Department of Revenue, expects about $35 billion.

“The money has been deposited. The other big difference between the two numbers is how much the state expects to receive in federal resources.”

The governor presents his budget outline March 26, though lawmakers are not waiting until then to talk about it.

 

Recent Headlines

in Music

Apollo to mark Billie Holiday’s birthday

Fresh
billieholiday

The legendary jazz and blues singer will be inducted into the Apollo Walk of Fame on April 6.

in Music

Lars Ulrich celebrates final days as a bachelor

ulrichmiller

The Metallica rocker celebrated his upcoming wedding with Bradley Cooper, Sir Ian McKellen, and his bandmates.

in Entertainment

Jamie Dornan signs on for war drama amid ‘Fifty Shades’ rumors

dornan

The casting news comes just days after reports he pulled out of plans to appear in the sequels to "Fifty Shades of Grey."