Legislature: Illinois revenue to grow less than 1 percent
Legislative analysts predict that Illinois revenue will grow only by $200 million this year —less than 1 percent.
The bipartisan Commission on Government Forecasting and Accountability’s figure released Tuesday is significantly lower than Gov. Bruce Rauner’s prediction. A commission report says the Republican governor counts $925 million in revenue which "can be described in varying degrees from being unlikely to uncertain."
A Rauner spokeswoman didn’t immediately comment.
The report says the administration counts on $500 million in federal Medicaid reimbursement under an obsolete formula, $200 million from a possibly complex sale of the Thompson Center state office building in Chicago; and sweeping the state’s "rainy day" fund of $275 million.
The commission says job losses and wage weakness contribute to lowered income and sales tax revenue.