Illinois budget-makers unfazed by $1.8B April revenue drop

Illinois budget-makers are largely at ease, despite a nearly $2 billion revenue drop. The disparity is being chalked up to an unusually strong 2022 fiscal year.

On its face, that would seemingly cause jitters and with one week left in the spring legislative session, it might historically be a call for the May money magic from days of yore that led to mountains of debt in the last two decades.

The previous year's number for comparison, $5.4 billion, was a record, fueled by an influx of capital gains taxes and because more days of the month fell on weekdays in April 2022, according to Eric Noggle, revenue manager for the bipartisan forecasting commission. Federal data on capital gains tax payments this year aren't immediately available but a weaker market likely meant less return from that.