McLean County Times

Illinois’ embattled state finances received positive news in July as state revenue increased by more than $300 million compared to July 2023. However, caution is still advised.

Personal income tax revenue rose by $360 million, with just over $50 million allocated for refunds and state aid to local governments, resulting in a net gain of $306 million compared to the previous year. This increase was attributed to robust consumer spending, which could fluctuate if household budgets are strained by high gas prices or housing costs. Additionally, July 2024 had two extra work-week days of economic activity compared to July 2023.

Concerns have been raised about the state's reliance on volatile revenue sources like consumer spending. Illinois has increased state spending by $13 billion over the past four years, prompting calls for more responsible fiscal management.

Drivers in northeastern Illinois experienced a spike in gas prices due to the temporary shutdown of an Exxon-Mobil refinery last month. The Channahon refinery, which processes approximately 250,000 barrels of crude oil daily into motor fuel, had to adjust its operations following a tornado outbreak on July 15-16. This production slowdown led to sharp increases in fuel prices across the Great Lakes region and prompted the U.S. Environmental Protection Agency to take emergency measures to encourage fuel importation from other parts of the country.

The timing is particularly concerning as hurricane season peaks in the Gulf of Mexico, potentially disrupting oil production and driving up prices nationwide. Illinois remains especially vulnerable due to its already high gas prices under normal circumstances.

A senior fair held in Morris last week saw good attendance. The event was co-sponsored by Senators Sue Rezin and Tom Bennett and Rep. Jed Davis. Attendees included companies, organizations, and local vendors offering resources for seniors such as healthy living tips, blood pressure checks, and vaccinations.

Rep. Bunting expressed gratitude towards those involved: "Thank you to everyone who was involved; including the co-sponsors of the event...and everyone who stopped by."

Rep. Bunting also visited Goose Lake Prairie and Heidecke Lake State Fish and Wildlife Area in Grundy County last Friday at the invitation of the Illinois Department of Natural Resources. Discussions covered hunting, fishing, outdoor activities offered at these sites, as well as road conditions and plans for a new visitor center at Goose Lake Prairie.

Currently, Illinois' bill backlog stands at $1,610,696,158 according to data from the Illinois Comptroller's office. This figure changes daily and only includes bills submitted for payment—not unfunded debts like pension liabilities exceeding $100 billion.

In other headlines:

- The American Red Cross reported a shortfall of 19,000 blood donations in July.

- The Illinois State Museum will remain closed until fall.

- It is National Farmers’ Market Week; residents are encouraged to find nearby markets.

- Following a recent Supreme Court decision on bribery laws, corruption cases related to former House Speaker Michael Madigan continue.

- Questions arise regarding whether Illinois will have a back-to-school sales tax holiday for 2024.