Releases

Revenue Estimates

IFO Releases

Official Revenue Estimate FY 2025-26

June 20, 2025 | Revenue Estimates

The Independent Fiscal Office (IFO) released its official revenue estimate for FY 2025-26. Updated estimates for FY 2024-25 are included.

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Initial Revenue Estimate FY 2025-26

May 20, 2025 | Revenue Estimates

The IFO released its initial revenue estimate for FY 2025-26. Click the hyperlink above to view the report and presentation.

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Initial Revenue Estimate Announcement

May 07, 2025 | Revenue Estimates

The IFO will release its Initial Revenue Estimate on Tuesday, May 20th at 1:30 PM. The report will contain revisions to the FY 2024-25 estimate and an initial estimate for FY 2025-26. See the announcement for a link to register for the presentation.

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Executive Budget Revenue Proposals

March 04, 2025 | Revenue Estimates

This brief provides a summary of estimates for revenue proposals included in the FY 2025-26 Executive Budget, and a comparison to the estimates from that document. For a more detailed explanation of the data and methodologies used for estimates, see the Analysis of Revenue Proposals released concurrently with this brief.

This document was reposted on March 6 to address a formatting issue. All figures are unchanged from the original posting.

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Analysis of Revenue Proposals

March 04, 2025 | Revenue Estimates

This report provides estimates for the revenue proposals contained in the FY 2025-26 Governor's Executive Budget released February 2025. The Independent Fiscal Office (IFO) publishes this report to fulfill its statutory duties as provided under Section 604-B (a)(4) of the Administrative Code of 1929. The act requires that the IFO “provide an analysis, including economic impact, of all tax and revenue proposals submitted by the Governor or the Office of the Budget."

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Long-Term Budget Outlook Update

February 11, 2025 | Revenue Estimates

The IFO updated its baseline deficit projections based on new spending data from the Executive Budget. The revised projections are $3.5 billion (24-25), $6.0 billion (25-26) and $6.9 billion (26-27) under current laws and policies. If the projections hold, then the General Fund surplus would be depleted in 25-26 and the Rainy Day Fund in 26-27.

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Mid-Year Revenue Update FY 2024-25

January 28, 2025 | Revenue Estimates

The Independent Fiscal Office (IFO) released a mid-year revenue update for fiscal year 2024-25 and provided an advance look at revenue projections for the next fiscal year. The IFO will update the estimate in its next round of revenue projections released in late May.

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Five-Year Economic and Budget Outlook

November 14, 2024 | Revenue Estimates

The Independent Fiscal Office (IFO) released its five-year Economic and Budget Outlook. Click the hyperlink above to view the report and presentations.

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Economic and Budget Outlook

November 05, 2024 | Revenue Estimates

The IFO will release its long-term budget outlook for FY 2024-25 to FY 2029-30 on November 14 at 1:30 pm. The report will include an assessment of the General Fund surplus ($6.6 billion at end of FY 23-24) and Rainy Day Fund ($7.0 billion) under current law and policies. See the announcement for a link to register for the presentation.

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Monthly and Quarterly Revenue Estimates

August 23, 2024 | Revenue Estimates

This report provides revenue distributions based on the FY 2024-25 projections contained in the Official Revenue Estimate published by the IFO on June 20, 2024 and the statutory changes that were enacted with the FY 2024-25 state budget.

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