Commission on Government Forecasting and Accountability
HOUSE
C.D. Davidsmeyer, Co-Chair
SENATE
David Koehler, Co-Chair
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January 2023 Monthly Briefing
GAMING REVENUES CONTINUE TO RISE ON THE DAWN BEFORE FURTHER EXPANSION
Austin Verthein, Research Analyst

The enactment of multiple pieces of gaming expansion legislation in recent years has significantly increased gaming related tax revenues coming into the State. Total income from casinos and video gaming exceeded $4 billion for the first time, with video gaming and casinos growing 9.5% and 13.6%, respectively over CY 2022. Similar trends are seen when looking at tax revenues. Overall, in CY 2022, casinos and video gaming generated its greatest tax revenue total, with $1.284 billion flowing into State coffers, an increase of 11.0% over CY 2021. Expansion of video gaming terminals and the enacted expansion of casinos across Illinois will continue to generate increases in revenue for Illinois going into 2023, a year deemed pivotal for the respective industries.

JANUARY REVENUES RISE ON STRENGTH OF TRANSFERS, OFFSETTING ANTICIPATED FALLOFF IN INCOME TAX RECEIPTS
Eric Noggle, Revenue Manager

Revenue for the State’s General Funds grew $248 million in January, primarily due to a sizeable increase in Transfers In. These transfers helped offset notable year-over-year declines in income tax receipts and federal sources.
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Through the first seven months of the fiscal year, General Funds base revenues are ahead of last year’s pace by $1.958 billion. When including the revenue gains from ARPA reimbursement funds, the overall growth increases to $2.283 billion. The largest contributor of the growth so far in FY 2023 is now from Transfers In, which has increased $1.112 billion though January. This is largely due to the $1.481 billion received from the series of transfers from the Income Tax Refund Fund to the General Revenue Fund this fiscal year.