State ends fiscal year with $726 million surplus twill
State revenues once again reached a record high in the fiscal year that ended June 30, creating what Gov. J.B. Pritzker called a"one-time" budget surplus of more than $700 million.
In recent years, the state has dedicated surpluses to paying down long- and short-term debt, making pension payments beyond the amounts required in law and providing one-time temporary tax relief. Comptroller Susana Mendoza's office noted the state entered the year with over $1 billion in its general revenue fund and an accounts payable balance of just over $500 million, meaning bills are paid within a week of being sent to Mendoza's office. The balance of the state's"rainy day" fund sits at nearly $2 billion.
"We could be earning interest on the money and wouldn't be paying interest on that if you just extended it for a few more days," he said."But meanwhile, I think we should all celebrate the fact that Illinois is in such good fiscal shape." The Commission on Government Forecasting and Accountability report noted that the personal income tax decline"is believed to be more reflective of exceptional tax performance in FY 2022… rather than a weakening of Illinois' tax base."
Instead, revenues grew by a little less than 1%, driven by a continued strong performance in the first eight months of the fiscal year. Through February, each month of FY 2023 exceeded revenues of the prior year.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
June was hottest June on record globally, Copernicus saysThis past June was the hottest June globally on record in terms of sea and air temperatures, according to a statement by the EU-backed Copernicus Climate Change Service.
Baca lebih lajut »
The month of June was the planet's hottest June ever recordedThe report also stated that ocean surface temperatures in June were the warmest ever recorded.
Baca lebih lajut »
Florida Gov DeSantis announces crackdown on out-of-state illegal immigrant driver licensesFlorida Gov. Ron DeSantis announced Wednesday new restrictions on certain out-of-state drivers licenses that are given to illegal immigrants in Democratic states.
Baca lebih lajut »
Gov. Mike DeWine praises new state budget after issuing 44 line-item vetoesICYMI: Gov. DeWine vetoed measures to prohibit local flavored tobacco bans, essentially end collegiate vaccine mandates, and make it easier for childcare programs to exempt themselves from state ratings.
Baca lebih lajut »
Pritzker announces $40B investment in Illinois' infrastructureGov. J.B. Pritzker announced Illinois' largest-ever construction project to repair and replace state infrastructure Friday.
Baca lebih lajut »
Houston County Health Scores, June 26-30Here are the health scores for food and lodging establishments June 26-30 as provided by the Houston County Health Department. A score of 1 means the establishment is new and
Baca lebih lajut »