Weekly Review
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at the bottom of the page!
May 5,
2009
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State Revenues
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Income and Sales
Tax Receipts Remain Down
The Commission on Government Forecasting and
Accountability (COGFA) reports that General Fund
revenue receipts fell $276 million in April over
the same time period in 2008 despite a $261
million infusion of federal stimulus dollars.
Corporate income tax receipts did well for the
month, however personal income taxes, sales
taxes, and transfers wiped out any gains.
Year to Year Change
Losses
- Personal income taxes fell $422 million
- Sales tax receipts were down $77 million
- The Cook County IGT was down $15 million
- Inheritance taxes fell $13 million
- Interest income dropped another $12
million
- Public utility receipts dropped $6
million
- Corporate franchise taxes fell $4
million
- Riverboat transfers were down $10
million
Gains
- Corporate income tax receipts grew $42
million
- Insurance taxes grew by $2 million
- Liquor taxes posted a $1 million gain
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Lottery transfers were up $1 million
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Federal sources posted a $258
million gain associated with the
federal stimulus package.
(In the month of April, the
State received a total of $345
million in what the
Comptroller's Office has
designated "Federal Stimulus
Package" revenue. Of that
amount, $261 million was
deposited into the General
Revenue Fund).
Year to Date
Through ten months of the fiscal year, overall
base revenues are down $1.596 billion. COGFA
attributes the declines to the continuing
effects of the ongoing recession as the combined
economic related sources [income and sales
taxes] represent $1.120 billion of the fall off.
Federal sources aside, only public utility taxes
and insurance taxes are demonstrating any growth
on a year to date basis.
For the year, personal income tax receipts are
down $708 million. Sales tax receipts are down
$317 million. Interest income is off $109
million due to lower rates of return as well as
reduced investable balances, while inheritance
taxes are down $84 million. Gross corporate
income tax receipts, despite an uptick in April,
are down $95 million. Federal sources, after
receipting $261 million in federal stimulus
monies in April, are now up $66 million for the
year.
Read the entire April revenue report
here.
Read last week's report on the FY2009 and FY2010
estimated GAAP Deficit
here.
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Higher Education
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How
Affordable is Higher Education in Illinois?
Illinois Comptroller Dan Hynes' office
recently reported on higher education
affordability in Illinois. The
Comptroller report is based on data from
the National Center for Public Policy
and Higher Education. The data finds
that Illinois ranks 42nd nationally in a
family's ability to pay for a 4-year
public institution, using 35% of their
income to pay for expenses. Illinois
ranked 27th nationally in community
college affordability using 24% of a
family's income for expenses.
The report, Measuring Up 2008, states
that, "Higher Education has become less
affordable for students and their
families" when the cost of attending
college is considered relative to family
income.
Other
States
Arkansas is ranked first on community
college affordability requiring 17% of a
family's income and Wyoming is ranked
second with families using just 18% of
their income. The most affordable 4-year
public colleges based on a family's
income are Tennessee which is ranked
first using 13% and Louisiana which is
ranked second with 14%.
The states that ranked the lowest, or
the most unaffordable, when it comes to
a family's ability to pay for community
college are Vermont and New Hampshire,
which are both ranked 49th, using 34% of
a family's income. The states ranked the
lowest for affording public 4-year
colleges are Pennsylvania, which ranked
50th using 41% of a family's income, and
Vermont and Ohio which both ranked 48th
using 39%.
Read the entire Comptroller's report on
page 13
here and view a map that lists each
state based on a family's ability to pay
for community colleges and public 4-year
colleges.
Visit The National Center for Public Policy
and Higher Education website
here
Read Measuring Up 2008 here
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From the Capitol
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Calendar
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WHAT:
Rally for the Common Good
WHEN:
May 6, 2009
WHERE:
Capital Rotunda - Springfield 1:00pm to 3:30 pm
INFO:
If you or your organization would like to
participate please fill out
a form here and submit to Jennifer
DeLeon at stephen.taylor@lssi.org or fax
(847-635-6764) before Friday, Apr. 3rd
WHAT: Dupage Federation on Human Services
Reform, Making the Connection: Accessing Public
Benefits for Low Income Persons
WHEN:
October 1, 8, 15, 22, 29
February 18, 25
March 4, 11, 18
June
3, 10, 17, 24
July
1
WHERE: All trainings held at NIU
Naperville, 1120 Diehl Road, Naperville, IL
INFO: Making the Connection training
sessions contain information in an
easy-to-understand format regarding many
programs available to assist low income persons.
Individuals who register for a Making the
Connection training session now receive
membership access to the Federation's newly
developed Making the Connection Illinois
website, www.mtcil.org.
To register and for more information please
visit www.dupagefederation.org.
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Do you have something to add to the
Weekly Review?
email Chrissy Mancini @
cmancini@ctbaonline.org
___________________________________________________________________________
Center
for Tax and Budget Accountability
70 East Lake Street, Suite 1700
Chicago, IL 60601
312-332-1041
www.ctbaonline.org
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