State legislature budget commission report shows shortfall
State Rep. Ron Sandack (R-IL) recently shared the 2015 state legislature's budget commission report on his website.
The report, compiled by the nonpartisan Commission on Government Forecasting and Accountability (CGFA), shows Illinois’ tax receipts (general funds) dropped by $382 million compared to Sept. 2014.
The September shortfall is similar to the negative numbers reported in July 2015 and Aug. 2015, Sandack's website said. CGFA’s three-month summary spreadsheet, also published in September report, shows an accumulated cash flow shortfall of $1.137 billion for the first quarter of fiscal 2016. It is expected that comparable shortfalls will be posted in October, November and December.The numbers reflect the partial phase down of the 2011 income tax increase.
As each month passes, Illinois’ fiscal crisis worsens, and the necessary solutions increase in terms of complexity and sacrifice by the taxpayers and businesses in the state, Sandack's website also said.
The report was released Oct. 1.
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