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Illinois Revenues Miss Predictions

SPRINGFIELD, Illinois – As reported by the PJ Star: "With only a month left in the fiscal year, gambling revenues for the state are bringing in about half of what the governor's budget office originally predicted.

"According to reports from the Illinois Gaming Board, the first 11 months of higher taxes approved last year have brought the state an additional $83 million, when compared to the first 11 months of the fiscal year that ended June 30, 2003.

"Gov. Rod Blagojevich's budget office originally projected an additional $190 million from the increased graduated tax rate that tops out at 70 percent. The higher taxes roll back to a maximum rate of 50 percent on June 30, 2005, or when an inactive 10th riverboat license becomes operational.

"…An October statement shows the budget office decreased its original estimate to $182 million, while the annual budget book issued in mid-February shows a further markdown to $85 million.

"Neither reduction was publicized. However, when the state reaped $135 million more than estimated for a tax amnesty program, the governor's office in early December issued a news release with a headline announcing the accomplishment. Ditto a few weeks later when an extra $10 million was garnered from the same program…"

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