FY 2024 closed on June 30, 2024. Illinois ended the fiscal year with total General Funds revenues of $52.589B, down -1.0% (or -$545M) from FY 2023. However, from a base revenue perspective, the state finished the year at $51.708B, a 2.0% ($1.001B) increase over FY 2023. The base revenue calculation factors out the $2.427B in one-time revenues received in FY 2023 and the $881M in one-time revenues received in FY 2024, representing a net decline in one-time revenues of $1.546B in FY 2024. A large portion of the year-over-year decline in one-time revenues came in June. The state received $1.531B ($1.064B in ARPA funds and $1.363B in Coronavirus State and Local Fiscal Recovery Funds) in one-time revenues in June of FY 2023 but did not receive any one-time revenues this June. With 2.0% growth in base General Funds revenues, FY 2024 was the highest base revenue year in state history, while FY 2023 remains the highest total revenue year on record.

Illinois’ FY 2024 personal income tax revenue increased by 8.0% (or $2.245B), corporate income tax revenue decreased by 10.8% (or -$793M), and sales tax revenue increased by 1.0% (or $121M) over FY 2023. The increase in personal income tax and the decline in corporate income tax was expected as a part of the Department of Revenue’s true-up process, resulting in a net income tax gain of $1.452B over FY 2023. All other state revenue sources finished FY 2024 up 9.4% (or $340M) over FY 2023. This increase is in large part due to gains from interest on state funds and investments, which increased by 60.7% (or $247M) over FY 2023, benefitting from higher interest rates throughout much of the fiscal year. Inheritance Tax (estate tax) revenues also increased by 24.7% (or $124M) over last year. Transfers in decreased by 21.5% (or $698M), and base federal sources grew 2.4% (or $91M) over FY 2023.

At the time of its passage, the FY 2024 budget operated on assumed revenues of $50.611B, 3.9% below the final FY 2024 figure. COGFA and GOMB both adjusted their revenue projections throughout the fiscal year to keep up with collections above projected amounts. COGFA last revised their projection in March 2024 to a total General Funds estimate of $52.590B, only $1M below the final FY 2024 figure. GOMB similarly projected a total General Funds estimate of $52.466B in May 2024, which was $123M below than the actual FY 2024 figure. Continuing trends from the last few years, COGFA’s revenue estimates were slightly more accurate than GOMB’s, and GOMB provided the more conservative projection of the two agencies.

The enacted FY 2025 budget assumes base revenues of $53.281B, which is 1.316% (or $692M) higher than the final FY 2024 revenue figure. Notably, the FY 2025 budget adds an estimated $870M in new revenue sources, which will more than make up the difference between FY 2024 final revenues and the assumed FY 2025 budget revenues.

Important Upcoming Dates – Statewide

November 5 – 2024 General Election

November 12-14 – Veto Session Week 1

November 19-21 – Veto Session Week 2

In the News

State ends fiscal year with nearly $5B cash on hand – Capitol News Illinois, July 3, 2024

Illinois entered a new fiscal year Monday with a bit of a financial cushion as the prior year’s revenues exceeded final projections by about $123 million. The state ended fiscal year 2024 with about $4.7 billion cash on hand, or about 9 percent of the allocated spending for fiscal year 2025, which began July 1. That included a record high $2.1 billion in the state’s budget stabilization, or “rainy day” fund, which has seen its balance grow steadily over the past five years.

Pritzker signs 51 new laws including medical debt relief, election law changes – The Daily Line, July 5, 2024

Gov. JB Pritzker signed 51 news laws this week, including medical debt relief for Illinoisans and various changes to Illinois’ election code.

Democratic governors, including J.B. Pritzker, meet with Biden, who insists he’s in the race to stay – Chicago Tribune, July 3, 2024

Even before Joe Biden entered a critical meeting with the nation’s Democratic governors Wednesday, among them a loyal surrogate and potential replacement in Illinois Gov. J.B. Pritzker, the besieged Democratic president declared to supporters he was in the presidential race to stay.

Ballot challenges filed against RFK Jr., Springfield congressional candidate – The State Journal-Register, July 3, 2024

The Illinois State Board of Elections received a slew of ballot challenges July 1, including several presidential candidates and a local congressional candidate.

Command performance — Pritzker, other Democratic governors to meet with Biden after dismal debate showing – Chicago Sun Times, July 2, 2024

Democratic governors spoke amongst themselves Monday and wondered why they hadn’t heard from the president since last week’s debate. A White House meeting with Biden is now scheduled for Wednesday evening.

Pritzker says he still supports Biden after poor debate performance; some Democrats express concern – ABC7, July 3, 2024

Illinois Congressman Mike Quigley concerned over down-ballot election impact if Biden stays in race.

Opponents call new Illinois law ‘thank-you gift’ to government unions – The Center Square, July 3, 2024

Gov. J.B. Pritzker signed a bill opponents say is a thank-you gift from the Illinois General Assembly to government unions.

Pride bills: Pritzker signs legislation supporting diversity initiatives, gender changes – The Daily Line, July 2, 2024

Ahead of Chicago’s annual Pride Parade on Sunday, Gov. JB Pritzker signed a pair of bills he says will benefit Illinois’ LGBTQ community. Pritzker signed HB5507 to create a legal process that allows Illinois residents born in another state or country to change the gender of birth on their birth certificate. The law allows a resident to file a petition in an Illinois county court for a hearing to change a birth certificate issued by another state with a reason for the change provided.

With both Biden and Trump facing voter dissatisfaction, challenges filed to third-party candidates in Illinois – Chicago Tribune, July 1, 2024

With polls showing many voters are dissatisfied with both President Joe Biden and former President Donald Trump, Democratic and Republican operatives acted Monday to try to remove third-party and independent presidential candidates from Illinois’ Nov. 5 ballot.

Illinois Comptroller Reports Strong Fiscal Year 2024 – WSIU Public Broadcasting, July 1, 2024

Illinois Comptroller Susana A. Mendoza has announced the successful completion of fiscal year 2024, highlighting significant achievements in bill payments and financial management. For the third consecutive year, the Illinois Office of Comptroller (IOC) has cleared all pending bills and transfers in the General Revenue Fund (GRF), ensuring that no unpaid GRF bills remain at the IOC. This accomplishment means that all bills received related to Medicaid, the state’s Group Health Insurance program, elementary and high schools, higher education, and other government operations and programs have been paid promptly.

Illinois Dems standing by Biden — for now – Crain’s Chicago Business, July 24, 2024

They’re agreed that President Joe Biden won’t be pushed out of his re-election race. If he leaves, it will have to be under his own terms. But that’s about the only point of unanimity among top Illinois Democrats. Now they’re weighing whether the incumbent president has done irreparable damage to himself and his party and ought to announce his retirement, or whether hatred of likely GOP nominee and former President Donald Trump is so deep that Biden has a chance to recover from a disastrous debate performance.

Illinois has worst economic health of any state in the US, new report finds – The State Journal-Register, June 28, 2024

While the economy certainly doesn’t feel like it’s growing when you’re staring blankly at the grocery aisle thinking back to the yonder days of cheaper bread, the U.S. Department of Commerce says the economy grew faster than expected in 2023.

Illinois housing advocates condemn Supreme Court ruling on homeless ban – 92.7 WMAY, June 29, 2024

As part of a suite of highly controversial rulings issued on Friday, June 28, the Supreme Court of the United States upheld a ban on outdoor sleeping in the city of Grants Pass, Oregon. Known as a “homeless ban,” the rule targets persons caught sleeping outside of private property with fines, which can eventually escalate to jailtime.

Pritzker could enact law limiting Illinois hotels from using single-use plastics – The Center Square, June 27, 2024

Illinois Gov. J.B. Pritzker could soon sign a measure saying hotels with less than 50 rooms can’t provide single use plastic bottles containing things like shampoo.

John Deere announces significant layoffs – WQAD8, June 28, 2024

While John Deere could not comment on how many workers would be laid off, they said there’s the potential some salaried workers would lose their jobs.

Mag Mile landlords get the OK to tax themselves — but not without a delay – Crain’s Chicago Business, July 3, 2024

A bill recently signed by Illinois Gov. J.B. Pritzker allows property owners along North Michigan Avenue and other commercial corridors in Chicago to impose a small tax on themselves to fund area improvements, but a new district won’t be in place along the Magnificent Mile until at least 2026.

The DNC’s deadbeat Chicago landlord – Chicago Sun-Times, July 5, 2024

The Democratic National Convention is using CTA offices near the United Center sublet from Chicago developer Scott Goodman, whose company has stiffed the CTA and Cook County for more than $2 million in rent and property taxes.

Former Board of Review employee files whistleblower lawsuit against Steele, chief of staff – The Daily Line, July 3, 2024

A former Cook County Board of Review employee has filed a whistleblower lawsuit that claims he was retaliated against for refusing to obey “unethical and unlawful” directives from Comm. Samantha Steele, a Democrat representing District 2 on the board.

Audit shows Chicago’s unfunded pension debt has soared to $37 billion: ‘Hard conversations need to be had now’ – Chicago Sun Times, July 2, 2024

It’s the second straight year that the pension crisis has grown by more than 5%. That intensifies pressure on Mayor Brandon Johnson’s year-old pension commission to produce long-term solutions.

NASCAR is 1,000 miles from home — and it shows – Crain’s Chicago Business, July 3, 2024

For all the spectacle that is racing stock cars down DuSable Lake Shore Drive — picturesque views of the downtown skyline to the right, Lake Michigan to the left — the Chicago Street Race is nowhere near NASCAR at its fullest. To return to the motorsport’s speedway utopia, drivers would have to skip Turn 4 at Roosevelt Road, continue down LSD to the Stevenson Expressway and head southeast for about 1,150 miles until they reach Daytona Beach, Fla.

Why Did City Close Cooling Centers During A Heat Wave? Alderpeople Call For Hearing To Find Out – Block Club Chicago, July 2, 2024

Some officials say the city must fix inconsistent communication and better protect vulnerable people during life-threatening weather.

Developer nears $1B refinancing for portfolio that includes 5 Chicago towers – Crain’s Chicago Business, July 1, 2024

A Canadian developer is nearing a $1 billion refinancing of a portfolio of apartment buildings that includes five Chicago towers.

John Digles: Chicago should look to the Illinois Film Production Tax Credit as a model for revenue creation – Chicago Tribune, July 2, 2024

As a Chicago City Council subcommittee explores new taxes and fees, including another property tax hike, a proven path to create revenue and even grow the tax base without more tax burden on business and residents was on display this weekend with the debut of Sundance x Chicago.

News in brief: Public Safety Committee to talk DNC transportation plans; One Fair Wage, paid time off laws go into effect – The Daily Line, July 2, 2024

The city’s public safety committee will discuss transportation logistics for attendees of the Democratic National Convention next month, and the city’s new tipped wage and paid time off laws went into effect.

Chicago pension debt rises to $37 billion as city hunts for cash – Crain’s Chicago Business, July 1, 2024

Chicago’s pension burden climbed again last year as new laws and accounting measures added to costs, and first-term Mayor Brandon Johnson looks for new revenue.

City ponders new taxes: Crain’s Daily Gist podcast – Crain’s Chicago Business, July 2, 2024

A City Council subcommittee is considering a slew of new ideas to raise revenue, including a grocery tax, service tax and more. Crain’s reporter Justin Laurence talks with host Amy Guth about some options on the table.

Public hearings coming soon on plan to consolidate CTA, Metra and Pace – Daily Herald, July 1, 2024

Is the region ready for one supersized transit agency? You can learn more — and offer opinions — at a series of public hearings starting next week about combining Metra, Pace and the CTA.

Village council approves $20K lobbyist payment in tense meeting – Forest Park Review, July 1, 2024

At the start of every village council meeting, commissioners and Mayor Rory Hoskins approve Forest Park’s payment of bills. But before paying bills at the meeting June 24, the council returned to a discussion they started last August, requesting information about what Forest Park’s lobbyist has done for the village.

Greg Hinz: Tax revolt looms as Johnson ponders how much to give his CTU pals – Crain’s Chicago Business, June 28, 2024

Chicago homeowners will receive the bad news in the next few days. Second-half property tax bills are in the mail and, as always, they’re higher than last year.

Joint council committee holds hearing on first annual hate crimes report – The Daily Line, June 28, 2024

The war between Israel and Hamas in Gaza has led to an increase in antisemitism and Islamophobia, the Chicago Commission on Human Relations (CCHR) concluded in its first annual report under the amended hate crimes ordinance.

Abortion and LGBTQ rights coalition will be permitted to demonstrate ahead of DNC, though March on the DNC coalition permit lawsuit continues – The Daily Line, July 1, 2024

After filing a lawsuit against the city, a coalition of reproductive and LGBTQ rights organizations will get a permit to march in downtown Chicago ahead of the Democratic National Convention (DNC) in August to call on Democrats to codify abortion protections and fight back against other laws threatening the LGBTQ community.

Chicago’s minimum wage is set to go up July 1. Here’s what you need to know. – Chicago Tribune, June 29, 2024

Chicago’s minimum wage will get its annual increase Monday, when it will hit $16.20 for most workers across the city.

Dorval on defense: Embattled CTA chief tours his transit system for lawmakers to see agency ‘up close’ – Chicago Tribune, June 28, 2024

Dorval Carter embarked on a “legislative tour” of his transit system with Black lawmakers this week, the latest endeavor by the embattled CTA president to curry favor with key government officials amid mounting discontent over his leadership and an urgent need for more state funding.

Corruption cases like Ed Burke’s can spark ethics reforms. Let’s get to it, Chicago. – Chicago Sun Times, June 28, 2024

Two ethics ordinances are pending in the Chicago City Council. One would limit campaign contributions from lobbyists; a second would create public financing for aldermanic campaigns. Both should be passed immediately.

New census estimates reflect declining white and Black populations in Cook County – WEBZ Chicago, June 28, 2024

The suburban collar counties have grown more diverse with increases in nonwhite residents and decreases in white residents.

Clock has started on 5-year plan that’ll raise wages for Chicago’s tipped workers — Chicago Sun Times, July 1, 2024

Starting Monday, the tipped minimum wage is increasing from $9.48 per hour to $11.02. Wages for tipped workers will rise annually until 2028, to reach parity with the city’s standard minimum wage.

DNC host committee has vast majority of $85M fundraising commitment in hand, and aiming for millions more – Chicago Tribune, July 1, 2024

Less than two months before national Democrats gather in Chicago for their convention, the local host committee has secured the financial commitments necessary to meet its nearly $85 million fundraising obligation, a source close to the committee familiar with the effort told the Tribune.

Office tenants seek out top-tier spaces, showing downtown market isn’t quite dead – Chicago Tribune, July 1, 2024

The downtown Chicago office market remained stuck in the doldrums during the first half of 2024, with a historically high vacancy rate and sinking office employment. But the news isn’t all bad. The best skyscrapers, either recently built or renovated, are thriving as companies entice employees back downtown by renting top-tier offices.