State increases FY24 revenue estimate by $1.4 billion

The governor's office now expects $52 billion in revenue, up from the $50.6 billion revenue estimate adopted when lawmakers passed the budget in May. It also identified $1 billion in "spending pressures," making for an updated expected surplus of $422 million.

Transfers in are driven by last year's strong end-of-year tax receipts; federal sources are a one-time result of the state retroactively receiving matching funds, and other funds are driven by strong investment and savings returns due to high interest rates, among other factors. Numbers are in millions.
Chart: Jerry Nowicki | Capitol News IllinoisSource: GOMBGet the dataCreated with Datawrapper