State of Illinois Revenue Growth To Be Short-Lived

State of Illinois Revenue Growth To Be Short-Lived

July 4th, 2013 - The News Gazette (posted in-part):

""Despite a sputtering economy including an average unemployment rate of about 9 percent, the state of Illinois reported strong revenue growth for the fiscal year that ended June 30 [meaning the unemployed masses where/are  taxed to death and in the 2012-2013 fiscal year, the state received more than usual federal monetary assistance]. But don't expect it to continue into this year.

But the outlook for the fiscal year that began July 1 is less optimistic.

In May, COGFA estimated that fiscal year 2014 revenue would be $35.44 billion, a decrease of $270 million from COGFA's estimated FY 2013 revenue.

Federal sources are estimated to be a little lower."

COGFA again used "a pretty conservative forecast" for fiscal year 2014.

"What we're saying is that we're just assuming the forecast for '14 stands, and it probably should be viewed as an even more conservative forecast," said the COGFA. "[The increase we had in the 12-13 fiscal year] just allows the (state) Comptroller to pay a little bit more of the backlog."

Comptroller Judy Baar Topinka predicted Illinois' bill backlog would grow again to approximately $7.5 billion by August. The backlog could grow to as much as $9 billion by November or December, she said.""


Folks... Be on the look out for more taxes coming in 2013 and 2014! Since the 2014 budget was passed and the State will be looking for more money... so watch out for the October Veto Session and the upcoming 2014 Session for tax increases!