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Weekly Review
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May 5, 2009
 
 
Quick Links
CTBA Website
Weekly Review Archive
 
In This Issue
April Revenues
Higher Education Affordability
General Assembly Schedule
Calendar of Events
 
State Revenues
 
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
  • Lottery transfers were up $1 million
  • 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.


 
Higher Education
 
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 2008here

 
From the Capitol
 
capitol dome

Senate and House Schedule
 

The General Assembly has about 25 days to finalize the FY 2010 budget and implement a much needed capital plan.  May 31 is the last day of regular session. 



View the Senate schedule here
View the House schedule here

Read CTBA's analysis of the FY 2010 proposed budget here

View Resources from CTBA's 2009 fiscal symposium here


 
Calendar
 

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.

 

 



Do you have something to add to the Weekly Review?
email Chrissy Mancini @
cmancini@ctbaonline.org

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