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. 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. 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.
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. 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
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.