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COGFA Says Revenue Could be Better than Expected Next Year
(IRN)-Another state commission has come out with a revenue estimate for fiscal year 2012, and it's a bit rosier than others.

The Commission on Government Forecasting and Accountability predicts the state will take in about $34.9 billion next fiscal year, which is a bit more than the House revenue committee’s estimate of $33.2 billion.

COGFA revenue manager Jim Muschinske says his commission took into account factors the Governor's Office of Management and Budget (GOMB) did not. For example, Muschinske estimates about $550 million in increased revenue from the income tax increase will actually come through next fiscal year.

He says various budget estimates don't need to sync up 100 percent right away.

"They wanted to take a very conservative approach, at least initially in House Revenue Committee," says Muschinske. "We’re not governed by 'you need to have a very conservative forecast', or 'you need to have a very optimistic forecast', we're governed by 'what’s your best forecast.'"

Muschinske says his commission's estimate is still conservative, but less so than the house revenue committee's.

(Source: Illinois Radio Network)
03 10 11 by Newsroom
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