Budget – COGFA Report: Illinois tax revenues continue to decline.

The bad news came in the monthly revenue report from the Commission on Government Forecasting and Accountability (COGFA), the General Assembly’s nonpartisan budget watchdog office. Overall base general funds revenues continued to fall in September, with base revenues down $119 million below the levels of funds brought in during September 2015. The decline was entirely due to changes in income tax cash flows, with personal income tax receipts down $136 million and corporate income tax receipts down $87 million. The corporate income tax revenue picture was particularly dramatic, with payments of corporate income taxes down 22% from a year ago.

Poor Illinois cash flow patterns are an underlying factor behind the slow payments and unpaid bills imposed by Illinois upon its creditors and vendors throughout the state. As of Tuesday, October 4, Comptroller Leslie Munger estimates that the State owes more than $8.5 billion in unpaid bills.