SPRINGFIELD, IL (STL.News) Governor JB Pritzker‘s Office of Management and Budget revised upward its General Funds revenue estimates by $1.469 billion for fiscal year 2021 and by $842 million for fiscal year 2022, compared to the estimates published with the Governor’s introduced budget in February 2021.
Strong year-to-date receipts in the state’s main revenue sources (individual and corporate income tax and sales tax) have led GOMB to revise its estimates. Through April, fiscal year 2021 General Funds revenues were outperforming revenue estimates from the February estimates by about 5 percent.
“While the increase in revenues is good news, and a sign our economy is coming out of the pandemic, much of these funds are one-time in nature and should not be expected to recur in FY2022,” said Deputy Governor Dan Hynes. “The administration was pleased to propose last week that we increase the state’s education budget for the coming year, using these funds and our proposal to end $1 billion in corporate welfare. However, the pandemic is still with us, and we have a lot of work ahead of us to ensure the state remains on sound fiscal footing, including repaying the federal government for loans used to cover current coronavirus expenses.”
Total General Funds state revenues for fiscal year 2021 are now estimated at $36.703 billion, compared to $35.311 billion in February, with total revenues, including federal sources, estimated at $44.949 billion.