INCOME TAX REALLOCATIONS AND A RISE IN FEDERAL DOLLARS HELP SPUR REVENUE GROWTH IN MARCH
Eric Noggle, Revenue Manager

Revenue deposits into the State’s General Funds rose $413 million in March as compared to the same month the prior year. The 9.7% increase was led by strong gains from the Personal Income Tax and Federal Sources, with notable help from several other State sources. The gains were despite the fact that this March had two less receipting days as compared to last March.
********

General Funds’ overall receipts are now up $831 million with only one-quarter of FY 2024 remaining. From a base perspective, the year-over-year cumulative growth is slightly lower at +$714 million when adjusting out $881 million in combined “one-time” revenues received in FY 2024 and the $764 million in one-time federal dollars received through March from FY 2023.
********

As summarized in the opening article of this Monthly Briefing, the year-to-date base performance of Illinois’ revenue sources through February, along with the significant help from unexpected one-time revenue sources, prompted the Commission to adjust its revenue outlook for FY 2024 by nearly $2 billion. 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.