What increased revenue projections could mean for Pritzker's agenda. twill
The Commission on Government Forecasting Accountability increased its revenue estimate for the current fiscal year by $575 million -- yet another positive development in a monthslong streak of revenue growth."You can see in every single month so far this fiscal year we've actually had a gain where we've generated more revenue in this fiscal year compared to the same time a year ago," Eric Noggle, senior revenue analyst, said at the commission's Tuesday meeting.
The commission's new estimate for the current fiscal year is $545 million beyond the amount assumed by the Governor's Office of Management and Budget in Pritzker's budget proposal. In recent years, lawmakers have directed surpluses to retiring debts early, increasing payments to the state's pension system and to long-term savings. For the upcoming fiscal year, Pritzker has proposed added spending across state government -- especially on child care and education -- while adding an extra $200 million to the pension fund.
The good revenue news in the forecasting commission's March update was the continuation of a nationwide state revenue boom which the Pew Charitable Trusts predicted last month could be reaching an"inflection point." The commission's report noted other factors that could change the state's revenue outlook moving forward. Among them are the possibility of another COVID-19 resurgence, a worsening of the war in Ukraine, and the impacts of inflation and further possible interest rate hikes by the Federal Reserve.
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