State of Illinois Capital Markets Presentation
STATE OF ILLINOIS
GENERAL FUNDS FINANCIAL WALK DOWN
GOVERNOR'S OFFICE OF MANAGEMENT & BUDGET
General Funds
Summary Projections
✔FY2020 General Funds
revenues are estimated to
total $38.903 billion
✔FY2020 General Funds
expenditures are expected to
total $38.748 billion
Estimated FY2020 surplus
of $155 million
($ millions)
RESOURCES
State Sources: Revenues
Net Individual Income Taxes
Net Corporate Income Taxes
Net Sales Taxes
Public Utility Taxes
All Other Sources
Final
Estimated
Projected
FY 2018
FY 2019
FY 2020
17,725
18,251
2,017
2,207
7,810
8,229
18,851
2,338
8,537
896
868
846
2,555
2,581
2,961
Total State Sources: Revenues
31,003
32,135
33,533
State Sources: Transfers In
Lottery
719
731
Riverboat Gaming
Other Transfers
Total State Sources
272
263
745
258
917
1,061
820
32,911
34,190
35,356
Federal Sources
4,032
3,220
SUBTOTAL, RESOURCES
36,943
37,410
3,547
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
2. Economic Development
3. Public Safety
4. Human Services
5. Healthcare
6. Environment and Culture
7. Government Services
Group Health Insurance
9,728
10,173
10,804
7,995
8,385
8,883
1,733
1,789
1,920
82
62
56
2,218
1,735
1,855
6,219
5,906
6,448
7,613
7,930
7,228
60
59
59
3,244
3,390
3,417
1,858
2,026
2,028
Government Services
1,386
1,364
1,389
8. Pensions 1
7,014
7,478
7,124
K-12 Education Pensions
4,107
4,467
4,238
State Universities' Pensions
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
982
Debt Service: Pension Acceleration Bonds
7
92
Interfund Borrowing Repayment
128
60
85
Treasurer's Investment Borrowing Repayment
713
Total Additional Expenditures
3,609
3,865
2,731
TOTAL EXPENDITURES
39,018
39,549
38,748
Comptroller Budgetary Basis Adjustment
(167)
General Funds Surplus/(Deficit)
Backlog Borrowing Proceeds
(1,440)
(1,190)
155
2,500
600
Federal Revenue Due to Medicaid Backlog Payments
1,206
166
Potential Liability from Retroactive AFSCME Step Increases 3,4
(381)
Supplemental Appropriations Needed 5
(92)
Adjusted General Funds Surplus/(Deficit)
2,266
(897)
155
Revenue Adjustment if Proposed Revenue Enhancements are Not Enacted
Appropriation Decrease: 4.0 Percent Cut Across All Agencies 6
(1,121)
1,121
13
Adjusted General Funds Surplus/(Deficit)
2,266
(897)
155
Footnotes
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 proposed 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.
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.
4 Appropriations to cover AFSCME step increases in fiscal year 2020 are
reflected in each of the agency lines.
5 See Table I-C for details on fiscal year 2019 supplementals needed.
6 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.
Source: Governor's FY 2020 proposed budget on page 45
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