The Independent Fiscal Office (IFO) released its five-year Economic and Budget Outlook. Click the hyperlink above to view the report and presentations.
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.
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.
This report examines the performance of IFO revenue estimates for the past twelve budget cycles. For FY 2023-24, actual collections exceeded IFO projections by 0.6%, or $273 million.
The Independent Fiscal Office (IFO) released its official revenue estimate for FY 2024-25. Updated estimates for FY 2023-24 are included.
The IFO released its initial revenue estimate for FY 2024-25. Click the hyperlink above to view the report and presentation.
The IFO will release its Initial Revenue Estimate on Monday, May 20th at 1:30 PM. The report will contain revisions to the FY 2023-24 estimate and an initial estimate for FY 2024-25. See the announcement for a link to register for the presentation.
This report provides estimates for the revenue proposals contained in the 2024-25 Governor's Executive Budget released February 2024. 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."
The Independent Fiscal Office (IFO) released a mid-year update of its revenue estimate for fiscal year (FY) 2023-24 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.
This report provides revised monthly General Fund revenue estimates for FY 2023-24 based on projections contained in the Official Revenue Estimate published by the IFO on June 20, 2023 (includes adjustments released with the original monthly estimates in August 2023) adjusted to reflect the impact of statutory changes that were enacted in conjunction with the remainder of the state budget in December 2023.