SPRINGFIELD, Ill. (WRXX) – Illinois’ Commission on Government Forecasting (CGFA) has released a positive report on the state’s finances.
The report said through the first five months of the fiscal year, overall general funds receipts are up an amazing $1.945 billion.
CGFA said even when excluding the $620 million growth in one-time revenues from Federal ARPA reimbursements, the general funds base growth of $1.325 billion is just as impressive – especially considering that these FY 2023 receipts are being compared to the record-breaking levels of FY 2022.
CGFA revised this fiscal year’s revenue outlook upward by $4.9 billion in November. CGFA reported, “further solidify the Commission’s confidence in raising the FY 2023 general funds revenue estimate.”
The commission’s revised forecast was about $1.2 billion higher than the governor’s budget office revision. The governor used that GOMB forecast to justify paying off the state’s unemployment insurance trust fund debt, among other things.