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Commission on Government Forecasting and Accountability HOUSE C.D. Davidsmeyer, Co-Chair SENATE David Koehler, Co-Chair Home Meeting Information About the Commission Links May 10, 2024 Meeting Agenda and Audio April 9, 2024 Meeting Agenda and Audio March 12, 2024 Meeting Agenda and Audio April 25, 2023 Meeting Agenda and Audio March 7, 2023 Meeting Agenda and Audio November 15, 2022 Meeting Agenda and Audio March 22, 2022 Meeting Agenda and Audio March 8, 2022 Meeting Agenda and Audio April 20, 2021 Meeting Agenda and Audio March 9, 2021 Meeting Agenda and Audio POSTPONED-November 17, 2020 Meeting Notice March 4, 2020 Meeting Agenda and Audio 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 FOIA Information 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 April 2024 Monthly Briefing U.S. ECONOMY SLOWS BUT REMAINS ON SOLID GROUND Benjamin L. Varner, Chief Economist Last week, the U.S. Bureau of Economic Analysis released economic results for the 1st quarter of 2024. Real gross domestic product (GDP), which adjusts for inflation, slowed to a seasonally adjusted annual rate of 1.6%. While headline growth was a little disappointing, looking into the individual components that make up GDP revealed a more encouraging picture of the U.S. economy. APRIL REVENUES RISE ON STRENGTH OF INDIVIDUAL INCOME TAX RECEIPTS BUT GAINS DAMPENED BY WEAKER CORPORATE INCOME TAX COLLECTIONS Eric Noggle, Revenue Manager In the important revenue month of April, General Funds receipts totaled $6.566 billion, a $373 million or +6.0% increase over last April. While this is welcomed growth to State coffers, the overall increase seen this month is largely in line with the Commission’s latest forecast. In other words, there is no April Surprise” from final income tax payments contained in this month’s numbers that will significantly modify this year’s revenue outlook. ******** Incorporating April’s revenues, General Funds receipts now total $44.2 billion for FY 2024 with two months remaining in the fiscal year. This figure is $1.203 billion or 2.8% above last year’s ten-month total. More Latest Publications April 2024 Monthly Briefing Three-year Budget Forecast FY 2025 - FY 2027 FY 2025 Capital Plan Analysis Liabilities of the State Employees’ Group Insurance Program FY 2025 FY 2025 Economic Forecast and Revenue Estimate and FY 2024 Revenue Update February 2024 State of Illinois Economic Forecast Report Prepared for CGFA by Moody’s/Economy.com January 2024 Facts on Funds 2023 Financial Condition of the Downstate Police & Downstate Fire Pension Funds in IL (PA 95-0950) November 2023 Special Pension Briefing (Revised) Certification of Teacher Minimum Salary Rate for the 2024-2025 School Year Wagering in Illinois 2023 Update FY 2024 Budget Summary FY 2021 State Employees Group Insurance Program GASB 75 Actuarial Valuation FY 2021 Teachers’ Retirement Insurance Program GASB 74 & 75 Actuarial Valuations FY 2021 College Insurance Program GASB 74 & 75 Actuarial Valuation June 2023Actuarial Study on Tier 2 Pension Safe Harbor Exemption Illinois Demographics 2020 Census June 2022—Financial Condition of Chicago, Cook County & IL Municipal Retirement Fund Systems Teachers’ Retirement Insurance Program and the College Insurance Program January...