By Capitol News Illinois
SPRINGFIELD – Illinois budget officials said Thursday that revenues are flowing into state coffers at a faster pace than previously estimated, meaning lawmakers will have more money to work with as they try to finalize a new budget for the fiscal year that begins July 1.
The Governor’s Office of Management and Budget officially raised its revenue estimate for the current fiscal year by more than $1.4 billion and by $842 million for the upcoming fiscal year.
Those figures are similar to the latest revised estimates from the General Assembly’s budget monitoring agency, the Commission on Government Forecasting and Accountability, which said last week that revenues for the current year would go up about $2 billion while next year’s revenues would be $792 million more than previously forecasted.
Illinois Comptroller Susana Mendoza argued that Illinois has virtually eliminated its backlog of past-due bills while keeping current on its bond payments and pension obligations, all in the midst of
Mendoza suggests Illinois due for credit upgrade Capitolnewsillinois com capitolnewsillinois.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from capitolnewsillinois.com Daily Mail and Mail on Sunday newspapers.
Considering that small utility trailers rent for less than $20/day, it would take about 6 days of usage a year just to break even on the license fee. For a lot of people, it would make more sense to rent than to license. I suspect lowering the fee might actually increase revenue.
State of Illinois has a lifetime trailer fee of $19, if the pulling vehicle and trailer don’t exceed 8,000 pounds. That covers lots of small utility trailers and boat trailers. Again, it’s a one time fee.
If only the Feds would give us $8B every year…
AC, that’s exactly the calculation I made. I had three (two with boats on them, one utility trailer), but pulled two off the road completely.
Rooted in disinvestment and growing amid economic repercussions of the COVID-19 pandemic, Illinois is facing a statewide mental health crisis due to workforce shortages and accessibility.