First Quarter Municipal Revenue Update - MFY 2017 REVISED AND MFY 2018May 5, 2017 | Legislative briefs
BY NATALIE DAVILA AND JOANNA KOH, KDM, INC.
In this article, we update our January analysis based on recent revenue data and updates from the Illinois Department of Revenue (IDOR). Understanding what is happening with the Local Government Distributive Fund (LGDF) and Corporate Personal Property Replacement Tax (CPPRT) Fund continues to give us a headache largely because of evolving tax administration changes occurring at IDOR. While our underlying economic forecasts remain unchanged, we observe that major tax revenues remain weak. For this reason we include a summary of a recent report published by the Rockefeller Institute that analyzes trends in major revenue sources during 2016 and concludes that weak revenue performance is prevalent across the 50 states.