Fy15 revenue-and-budget (updated 2.5.15)

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  • We have a $74 billion all funds budget for FY15

    48% of that comes from general revenue funds, which are funded through income taxes, sales taxes, and sources

    40% of that comes from other state funds, which derive their revenue from fees and fines

    The remainder - $8.5 billion – comes from the federal government and is passed through agencies like the Illinois Department of Natural Resources
  • 2% of the general fund budget is funded through one-time revenues borrowed from other state funds
  • Figures represent personal services at code agencies. Higher Ed, legislative, and judicial agencies are not included.
  • Programs include Community Care Program at Dept. on Aging, and DD, MH, Home Services, Early Intervention, Child Care, TANF and Addiction Treatment at Dept. of Human Services.
  • Source: Tax Foundation Facts and Figures 2014.

    Illinois- Flat rate of 5%. Declines to Flat rate of 3.75% starting January 1, 2015.

    Missouri- Graduated rate starts at 1.5% to top bracket of 6.0%.

    Kentucky- Graduated rate starts at 2.0% to top bracket of 6.0%.

    Indiana- Flat rate of 3.4%. Counties have the authority to levy local income taxes. We added the average county income tax rate of 1.28% to get 4.68%.

    Wisconsin- Graduated rate starts at 4.40% to top bracket of 7.65%.

    Iowa- Graduate rate starts at 0.36% to top bracket of 8.98%.
  • Source: Tax Foundation Facts and Figures 2014

    Illinois- Flat Income Tax of 5.0% falling to 3.75% on January 1, 2015.

    Missouri- 6.0% Top Bracket is $9,000 or more income per year.

    Kentucky- 6.0% Top Bracket is $75,000 or more income per year.

    Indiana- Flat Income Tax of 3.4% plus highest county income tax of 3.13% (Pulaski County) equals 6.53%.

    Wisconsin- 7.65% Top Bracket is $240,190 or more income per year.

    Iowa- 8.98% Top Bracket is $68,175 or more income per year.
  • Source: Tax Foundation Facts and Figures 2014

    Note: Indiana’s corporate income tax rate as of July 1, 2014 is 7.0%. Prior to July 1, 2014, it was 7.5%. Before that, it was 8.0%.
  • Source: Bureau of Labor Statistics via Illinois Department of Employment Security
  • $36.0 B – Source: COGFA

    $36.6 B – Source: COGFA

    $35.7 B – Source: COGFA / HJR 100

    FY 16 and FY 17 Expiration numbers are taken from COGFA’s 3-year budget forecast released in March 2014.

    FY 15, FY 16, and FY 17 Extension numbers are taken from the Governor’s “Recommended” 5-year budget plan released as part of the FY 15 budget book.
  • Fy15 revenue-and-budget (updated 2.5.15)

    1. 1. FY2015 Revenue and Budget Overview
    2. 2. $8.5 Billion 12% $30.0 Billion 40% $35.7 Billion 48% FY15: All Funds Budget $74 Billion Federal Funds Other State Funds General Revenue Funds
    3. 3. Estimated FY 15 General Revenue Funds by Source $35.752 Billion Personal Income 42% Corporate Income Tax 8% Sales Tax 22% Other Sources and Transfers 14% Inter-fund Borrowing One-time Revenue Source 2% Federal Sources 12% PersonalIncome- $15.2B CorporateIncome-$2.8B SalesTax-$7.8B OtherSourcesandTransfers-$5.0B Inter-FundBorrowing(One-time)-$650M FederalSources-$4.3B
    4. 4. Government Operations 12% Human Services 10% P- 12 19% Higher Ed 6% Medicaid 20% Group Health Insurance 4% Pensions 18% Debt Service on Pension Bonds 3% Debt Service on Capital Bonds 2% Local Government Revenue Sharing 6% FY 2015 GRF Discretionary and Non-Discretionary Appropriations $35.752 Billion² Government Operations - $4,260 Human Services - $3,772 P- 12 - $6,782 Higher Ed - $1,991 Medicaid - $7,240 Group Health Insurance - $1,565 Pensions - $6,392 Debt Service on Pension Bonds - $1,219 Debt Service on Capital Bonds - $711 Local Government Revenue Sharing - $2,276
    5. 5. Unfunded Liabilities • The FY15 budget does not accommodate agency requests for personal services costs associated with bargaining unit contracts or entitlement program spending. • Underfunding entitlement programs, such as the Community Care Program at the Dept. on Aging, will result in an increase in bill backlog.
    6. 6. $2,637.3 $250.0 $16.0 $- $500.0 $1,000.0 $1,500.0 $2,000.0 $2,500.0 $3,000.0$InMillions FY15 GRF Personal Services Actual Appropriations vs. Requested Funding Level Appropriated Additional needed to fulfill bargaining unit contract Additional needed to fulfill agency budget request $250.0 million represents the unfunded liability associated with bargaining unit contracts
    7. 7. $3,083.8 $410.7 $0.0 $500.0 $1,000.0 $1,500.0 $2,000.0 $2,500.0 $3,000.0 $3,500.0 FY15 GRF Human Services Actual Appropriations vs. Requested Funding Level FY15 Appropriation Additional Program Request $410 million represents unfunded costs associated with program growth and contractually required increases.
    8. 8. $650.0 $410.7 $250.0 $0.0 $200.0 $400.0 $600.0 $800.0 $1,000.0 $1,200.0 $1,400.0 $inMillions FY15 Liabilities Impacting the FY16 Budget Interfund Borrowing Human Services Entitlement Programs Personal Services
    9. 9. 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% $0 $50,000 $100,000 $150,000 $200,000 $250,000 TaxRate Income (Single Filer) *Indiana's tax rate includes an average county tax rate of 1.28% Individual Marginal Income Tax Rates of Midwestern States Kansas 2015 Missouri Kentucky Indiana Wisconsin Iowa Illinois 2015
    10. 10. 3.75% 4.60% 6.00% 6.00% 6.53% 7.65% 8.98% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 10.00% IncomeTaxRate Top Individual Marginal Income Tax Rates of Midwestern States
    11. 11. 5.25% 6.00% 6.25% 7.00% 7.00% 7.90% 12.00% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% Illinois 2015 Kentucky Missouri Kansas Indiana Wisconsin Iowa IncomeTaxRate Top Corporate Marginal Income Tax Rates of Midwestern States
    12. 12. Average Annual Pay in Illinois and Neighboring States: 2007-2013 $35,000 $40,000 $45,000 $50,000 $55,000 $60,000 2007 2008 2009 2010 2011 2012 2013 IL IN WI KY IA MO
    13. 13. $38.5 $38.6 $39.7 $36.0 $36.6 $35.7 $32.5 $33.2 $30.0 $31.0 $32.0 $33.0 $34.0 $35.0 $36.0 $37.0 $38.0 $39.0 $40.0 FY 13 FY 14 FY 15 Est. FY 16 Est. FY 17 Est. General Revenue Fund Total Sources FY 13 to FY 17 Projected Revenue under Gov. Quinn's Recommended Tax Rates.

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