Bipartisan revenue projections are estimating the state of Illinois will see a $951-million revenue decrease in fiscal year 2015. Moffitt says there will be some natural growth in other areas, but says the state can’t budget savings from pension reform with pending court challenges.
The first step toward solving budget challenges, Moffitt tells the WGIL Evening News, is to stop digging the whole deeper.
“We’re taking into account some natural growth, but you cannot plug in the savings and you have to, right now, operate that the income tax increase is going away,” says Moffitt.
Should a temporary income tax increase expire next year, $4-billion in less revenue would be received. Moffitt says the General Assembly would need to better determine the effect of the sunset on state agencies and departments.
Nonetheless, he believes the state will indeed have a budget by May of this year, before the June deadline.