The state took in over a billion dollars more in taxes than the prior year, thanks to an uptick in sales tax money. Personal income tax revenue also rose , but the amount coming from corporate income taxes dropped. It's something Jim Muschinske, a budget forecaster for the state, said was predicted.
"That was not unexpected. In fact, we actually did better this fiscal year than what was initially assumed back when the budget was passed," Muschinske said.
Illinois' economy was slow to feel the effects of the Great Recession, and has been slow to recover from it. The state's Department of Commerce and Economic Opportunity is submitting a five-year plan to the General Assembly, with suggestions for business growth and more state spending.
When President Obama delivers his 2013 State of the Union address, remember a comment he made at last year’s State of the Union speech: "Our workers are the most productive on Earth, and if the playing field is level, I promise you: America will always win.”
Illinois’ economy has been affected by the drought and other negatives, plus improved retail sales and home sales, but its overall Rural Mainstreet Index remains below neutral, according to the new assessment of Creighton University’s monthly poll of area business executives.
The state’s Rural Mainstreet Index (RMI) fell in August, says the project out of Creighton’s marketing and public relations department at its Omaha campus. It’s the third consecutive month Illinois’ RMI was below growth neutral.