The State's Credit Fundamentals Continue to Improve
($ millions)
RESOURCES
State Sources: Revenues
STATE OF ILLINOIS
GENERAL FUNDS FINANCIAL WALK DOWN
GOVERNOR'S OFFICE OF MANAGEMENT & BUDGET
Final
FY 2018
Estimated
Projected
FY 2019
FY 2020
Net Individual Income Taxes
Net Corporate Income Taxes
17,725
18,251
18,851
2,017
2,207
2,338
Net Sales Taxes
Public Utility Taxes
All Other Sources
7,810
8,229
8,537
896
868
846
2,555
2,581
Total State Sources: Revenues
31,003
32,135
2,961
33,533
State Sources: Transfers In
Lottery
719
731
745
Riverboat Gaming
272
263
258
Other Transfers
917
1,061
820
Total State Sources
32,911
34,190
35,356
Federal Sources
4,032
3,220
3,547
SUBTOTAL, RESOURCES
36,943
37,410
38,903
Interfund Borrowing/Fund Reallocations
802
250
Treasurer's Investment Borrowing
700
TOTAL RESOURCES
37,745
38,360
38,903
EXPENDITURES
1. Education
K-12 Education
Higher Education
3. Public Safety
9,728
10,173
10,804
7,995
8,385
8,883
1,733
1,789
1,920
2. Economic Development
82
62
56
2,218
1,735
1,855
4. Human Services
6,219
5,906
6,448
5. Healthcare
7,613
7,930
7,228
6. Environment and Culture
60
59
59
7. Government Services
3,244
3,390
3,417
Group Health Insurance
Government Services
8. Pensions 1
K-12 Education Pensions
State Universities' Pensions
1,858
2,026
2,028
1,386
1,364
1,389
7,014
7,478
7,124
4,107
4,467
4,238
1,414
1,440
1,427
State Employees' Pensions
1,493
1,571
1,460
9. Unspent Appropriations
(770)
(1,050)
(975)
Total Operating Budget
35,409
35,684
36,016
Statutory Transfers Out
582
434
364
Debt Service: Capital and Pension Bonds
2,372
1,851
1,208
Debt Service: Backlog Borrowing
527
801
Debt Service: Pension Acceleration Bonds
7
982
92
Interfund Borrowing Repayment
128
60
85
Treasurer's Investment Borrowing Repayment
713
Total Additional Expenditures
3,609
3,865
TOTAL EXPENDITURES
39,018
39,549
2,731
38,748
Comptroller Budgetary Basis Adjustment
(167)
General Funds Surplus/(Deficit)
(1,440)
(1,190)
155
Backlog Borrowing Proceeds
2,500
600
Federal Revenue Due to Medicaid Backlog Payments
1,206
166
3,4
Potential Liability from Retroactive AFSCME Step Increases
(381)
Supplemental Appropriations Needed
(92)
Adjusted General Funds Surplus/(Deficit)
2,266
(897)
155
6
Revenue Adjustment if Proposed Revenue Enhancements are
Not Enacted
Appropriation Decrease: 4.0 Percent Cut Across All Agencies
Adjusted General Funds Surplus/(Deficit)
(1,121)
1,121
1 FY 2019 pension values represent the certified values for the fiscal year. Savings from enacted buyout programs for TRS and SERS will not be known until June.
2 The Governor is proposing a $1.5 billion backlog borrowing to address remaining interest accruing bills, of which $600 million would be estimated to be deposited into the
General Revenue Fund.
155
3 The State and AFSCME have been in litigation to determine the amount owed on retroactive step payments. The administration is moving employees to the proper step effective
April 1, 2019. The current estimate listed would be the higher end of the potential range for retroactive payments, not including any potential interest owed. Supplemental
appropriations would be needed to cover these costs.
Appropriations to cover AFSCME step increases in fiscal year 2020 are reflected in each of the agency lines.
See Table I-C for details on fiscal year 2019 supplementals needed.
The Governor is proposing new revenue enhancements and adjustments totaling $1,121 million. If these changes are not enacted, an equal amount of cuts must be applied. A
4.0 percent cut across agencies, excluding pensions, debt service, and group health insurance, would be required.
6
2,266
(897)
General Fund Summary FY2018 – FY2020
Projections
The proposed FY20 budget projects a budgetary surplus of $155 million. Table from
FY20 Budget Book.
AUG.
1818
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