Commission on Government Forecasting and Accountability Update
The Commission on Government Forecasting and Accountability (COGFA) released an update during the week to their initial Fiscal Year 2016 revenue estimate.
The report shows that while personal income tax revenues have continued to meet expectations, corporate tax revenues have failed to meet even modest expectations due to a weakening corporate profits picture.
Furthermore, sales tax revenues are down, suggesting that Illinois consumer spending has slowed.
COGFA, when taking these reports into consideration, has adjusted the estimated incoming revenues down by $442 million with a newly expected revenue of $31.7 billion in total.
The report, in its entirety, can be read here.