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Commission on Government Forecasting and Accountability HOUSE C.D. Davidsmeyer, Co-Chair SENATE Heather Steans, Co-Chair Home Meeting Information About the Commission Links April 30, 2019 Meeting Agenda and Audio March 5, 2019 Meeting Agenda and Audio April 23, 2018 Meeting Agenda and Audio February 27, 2018 Meeting Agenda and Audio April 4, 2017 Meeting Agenda and Audio March 7, 2017 Meeting Agenda and Audio May 3, 2016 Meeting Agenda and Audio April 12, 2016 Meeting Agenda and Audio March 30, 2016 Meeting Agenda and audio March 1, 2016 Meeting Agenda and Audio August 5, 2015 Meeting Agenda and Audio July 20, 2015 Meeting Agenda and Audio July 13, 2015 Meeting Agenda and Audio June 23, 2015 Meeting Agenda and Audio April 14, 2015 Meeting Agenda and Audio March 10, 2015 Meeting Agenda and Audio November 19, 2014 Meeting Agenda and Audio April 7, 2014 Meeting Agenda and Audio March 19, 2014 Meeting Agenda and Audio November 5, 2013 Meeting Agenda October 23, 2013 Meeting Agenda and Audio May 20, 2013 Meeting Agenda and Audio April 16, 2013 Meeting Agenda and Audio March 12, 2013 Meeting Agenda and Audio August 6, 2012 Meeting Agenda and Audio May 21, 2012 Meeting Agenda and Audio May 1, 2012 Facility Closure Votes Meeting Agenda April 23, 2012 Meeting Agenda – Peoria Adult Transition Center April 20, 2012 Meeting Agenda – Warren G. Murray DC April 10, 2012 Meeting Agenda – Westside Adult Transition Center April 10, 2012 Meeting Agenda – Tinley Park MHC April 4, 2012 Meeting Agenda - IYC at Joliet April 4, 2012 Meeting Agenda - Dwight CC April 2, 2012 Meeting Agenda - Tamms CC March 22, 2012 Meeting Agenda and Audio March 12, 2012 HAS BEEN POSTPONED March 7, 2012 Meeting Agenda and Audio February 28, 2012 Meeting Agenda and Audio February 7, 2012 Meeting Agenda and Audio November 10, 2011, Meeting Agenda and Audio November 1, 2011 Meeting Agenda and Audio October 27, 2011 Meeting Agenda and Audio October 26, 2011 Meeting Agenda and Audio - Logan October 24, 2011 Meeting Agenda and Audio October 17, 2011 Meeting Agenda and Audio October 12, 2011 Meeting Agenda and Audio – Chester October 12, 2011 Meeting Agenda and Audio – Murphysboro October 5, 2011 Meeting Agenda and Audio August 16, 2011 Meeting Agenda and Audio June 14, 2011 Meeting Agenda and Audio May 25, 2011 Meeting Agenda and Audio May 17, 2011 Meeting Agenda and Audio April 11, 2011 Meeting Agenda and Audio March 10, 2011 Meeting Agenda and Audio February 9, 2011 Meeting Information and Audio February 2, 2011 Meeting Notice- CANCELLED August 4, 2010 Meeting Agenda and Audio April 20, 2010 Meeting Agenda and Audio March 16, 2010 Meeting Agenda and Audio January 12, 2010 Meeting Agenda and Audio January 6, 2010 Meeting Agenda December 22, 2009 Meeting Agenda December 8, 2009 Meeting Agenda and Audio December 1, 2009 Meeting Agenda and Audio August 24, 2009 Meeting Agenda and Audio July 15, 2009 Meeting Agenda and Audio June 22, 2009 Meeting Agenda and Audio April 28, 2009 Agenda and Audio April 21, 2009 Agenda and Audio April 1, 2009 Meeting Agenda and Audio February 25, 2009 Meeting Agenda and Audio January 12, 2009 Meeting Agenda and Audio Legislative Members Staff Information Commission Profile CGFA Statute State of Illinois Illinois General Assembly Governor's Office of Management and Budget Illinois Department of Revenue Institute of Government and Public Affairs Office of the Comptroller Office of the Treasurer Illinois Department of Insurance Illinois Municipal Retirement Fund Chicago Teachers' Pension Fund State Retirement Systems of Illinois State Universities Retirement System Teachers' Retirement System NCPERS Firemen's Annuity and Benefit Fund Policemen's Annuity and Benefit Fund of Chicago Retirement Plan for CTA Employees Park Employees' Annuity & Benefit Fund of Chicago Municipal Employees Annuity and Benefit Fund of Chicago Topics Public Safety Employee Benefits Act (PSEBA) Monthly Briefings Revenue Updates Budget Summary Special Transfers Pension Reports Pension Impact Notes Bonds/Capital Plan Debt Responsibility Facility Closures University COPs Gaming Group Insurance Internships Other Reports CGFA Research Unit Contact CGFA State Employees' Group Insurance Program FY 2020 DATE: April 30, 2019 TIME : 9:00 a.m. ROOM : Room 400 in the State Capitol Building, Springfield, IL This meeting will have a live audio broadcast. CGFA April 30, 2019 Meeting Link -- December 2019 Monthly Briefing HEADING INTO 2020 Julie Bae, Pension Analyst/Economic Specialist The U.S. economy grew at a pace of 2.1% in the 3rd quarter, according to the advance estimate released in December by the Bureau of Economic Analysis. The U.S. unemployment rate is currently at 3.5%, a 50-year low, and 266,000 new jobs were added in November, above the average monthly gain of 180,000 in 2019. Personal income also gained 0.5% and real disposable personal income rose 0.4% in November. Personal consumption expenditures, a measure of how much consumers spend on goods and services, were up 3.9% in November from a year earlier, or a 0.4% up from the previous month. REVENUE: RECEIPTS INCREASE MODESTLY IN DECEMBER Jim Muschinske, Revenue Manager Base December revenues increased by $51 million. While the larger economically related sources fared well, a drop in federal source revenues coupled with declines in a variety of other revenue lines, served to limit monthly gains. December had one more receipting day as compared to last fiscal year. ************** Excluding proceeds from the Treasurer’s Investment program as well as interfund borrowing, through the first half of the fiscal year, base general funds receipts have posted gains of $1.366 billion. Those increases have been driven by specific transfers [Refund Fund and Capital Projects], stronger federal sources, court settlement proceeds, tax amnesty program efforts, and decent underlying performance from the larger economically related sources. Gross personal income taxes are ahead of last year by $550 million, or $487 million net, while gross corporate income taxes are up $163 million, or $146 million net. Gross sales taxes are up $116 million, or $161 million net. The performance of the remaining revenue sources have been mixed, but have experienced a combined $5 million decline. Aided by gains associated to Refund Fund and Capital Projects Fund transfers, overall transfers to the general funds are up $446 million. Federal sources, despite the past couple of weak months, are still up $131 million through December. More Latest Publications December 2019 Monthly Briefing The Mental Health Early Action on Campus Act Report November 2019 Special Pension Briefing Wagering in Illinois 2019 Update FY 2020 Budget Summary 2019 Financial Condition of the Downstate Police & Downstate Fire Pension Funds in IL (P.A. 95-0950) FY 2018 State Employees Group Insurance Program GASB 75 Actuarial Valuations FY 2018 Teachers’ Retirement Insurance Program GASB 74 & 75 Actuarial Valuations FY 2018 College Insurance Program GASB 74 & 75 Actuarial Valuations May 2019 - Revised FY 2020 Revenue Estimate and FY 2019 Revenue Update April 2019 Financial Condition of the Illinois State Retirement Systems FY 2020 Capital Plan Analysis Liabilities of the State Employees’ Group Insurance Program FY 2020 (Updated) Three-Year Budget Forecast FY 2020 – FY 2022 FY 2020 Economic Forecast and Revenue Estimate and 2019 Revenue Update January 2019—Financial Condition of Chicago, Cook County & IL Municipal Retirement Fund Systems February 2019 State of Illinois Economic Forecast Report Prepared for CGFA by Moody’s/Economy.com Illinois' National Rankings -- Update 2018 Wagering in Illinois 2018 Update 2017 Update – Fiscal Analysis of the Downstate Police & Fire Pension Funds in IL (PA 95-0950) Service Taxes 2017 Update...