GENERAL FUNDS RECEIPTS FALL IN JUNE AS EXPECTED – FY 2024 FINAL TOTAL HITS CGFA FORECAST OF $52.6B
Eric Noggle, Revenue Manager

The final month of receipts for FY 2024 was completed in June with mixed results. As anticipated, total General Funds receipts fell sharply this month as compared to last June for an overall decline of $1.531 billion. The substantial drop is because last June’s total included $1.663 billion in one-time revenues from pandemic-related federal funds. Removing these federal receipts from the equation, receipts in June actually rose $132 million above last June’s levels for a base increase of 2.8%.
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Incorporating June’s figures, FY 2024 finished the year with a General Funds total of $52.589 billion. This total is nearly identical to the Commission’s most recent forecast of $52.590 billion released in March. The FY 2024 total is $545 million below the FY 2023 total of $53.134 billion for a final year-over-year decline of -1.0%.

ILLINOIS’ ECONOMY CONTINUES TO LAG BEHIND THE REST OF THE COUNTRY
Benjamin L. Varner, Chief Economist

In June, the Commission evaluated various economic indicators to assess Illinois' economic performance over the past year and since the onset of the COVID-19 recession. The analysis focused on four key metrics: 1) Real Gross Domestic Product (GDP), 2) Total Nonfarm Payroll Employment, 3) Unemployment Rate, and 4) Total Personal Income. Based on these metrics, Illinois remains one of the slower-growing states.