TOPIC: Video Poker and Electronic Gaming at Race Tracks
DATE: December 1, 2009
TIME: 11:30 a.m.
LOCATION: James R. Thompson Center Room 16-503, Chicago, Illinois

TOPIC: Facility Closures - Jesse Ma Houston Adult Transition Center and Kankakee Minimum Security Unit
DATE: December 8, 2009
TIME: 3:30 p.m.
LOCATION: Will County Fairgrounds Atrium Building, Peotone, Illinois

ECONOMY: WHAT'S IN STORE FOR THE HOLIDAYS?
Edward H. Boss, Jr., Chief Economist

This is the time of the year when various industry groups release their forecasts for what is expected to develop during the upcoming key holiday selling season. There are several factors that will act as a restraint on holiday spending. In addition to high levels of unemployment there has been a renewed softening in consumer confidence. Thus, even while the savings rate has been on the rise, fears of economic uncertainty arising from sliding home prices to fears of losing ones job continue to inhibit the spending of those savings. These are factors on the demand side. On the supply side, businesses have sharply pared inventories so that sales may be limited by the lack of supply. All in all, the industry is looking for overall weak holiday sales. As a result, projections for holiday sales range from a slight decline to flat to a slight up tick.

REVENUE: OCTOBER REVENUES RISE ON THE STRENGTH OF FEDERAL SOURCES AND FUND TRANSFERS
Jim Muschinske, Revenue Manager

A comparatively strong month for federal sources coupled with $77 million in fund sweeps, offset a falloff in most other areas. As a result, the month of October finished up $132 million. While corporate income tax enjoyed a brief rebound from earlier losses, personal income tax and sales tax receipts continued to struggle despite evidence of the recession’s end.
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Through the first third of the fiscal year overall base revenues are down $209 million. Despite being in the early stages of a recovery, the larger economically related sources such as income and sales continue to suffer from the recession’s effect. As mentioned in previous revenue briefings, it will be some time before improvement in receipts can be expected. If $475 million in federal sources gains are excluded, the falloff in receipts is a much more sobering $684 million.