Competing estimates gave the Illinois House Revenue and Finance Committee Thursday some idea of what Illinois will be working with to put together a budget for Fiscal Year 25.

The Illinois Department of Revenue, the Governor’s Office of Management and Budget, and the Commission on Government Forecasting and Accountability appeared before the committee.

“The bottom line is this: Our revenue estimate is a little more than $52 billion,” said COGFA revenue manager Eric Noggle. “It’s $513 million less than what we are estimating for Fiscal Year 24,” which ends June 30. Pandemic-related revenue from the federal government will finally end, hence the lower estimate compared to FY 24.

“Overall, general funds revenues are estimated to total $52.993 billion in Fiscal Year 25,” said Governor’s Office of Management and Budget director Alexis Sturm (pictured, right), “which is an increase of about $777 million from Fiscal Year 24’s revised estimates.”

Noggle says the larger estimate takes into account the closure of some tax loopholes and an increased tax on sports betting. Were it not for that, said Noggle, the two estimates would be right around $52 billion.

The new fiscal year begins July 1.