Comptroller Report

General Funds revenues totaled $52.589 billion in fiscal year 2024. The largest source of revenue to the General Funds was the personal income tax with receipts of $25.605 billion, accounting for 48.7% of total revenues. Revenue from sales taxes was the second-largest source of revenue with $10.465 billion, or 19.9% of total revenues. Other major sources included corporate income taxes with revenues of $5.227 billion, or 9.9%; federal revenues of $4.526 billion, or 8.6%; lottery and riverboat transfers of $1.035 billion, or 2.0%; and public utility tax revenues of $695 million, or 1.4%. All other sources of revenue, including investment income, insurance, cigarette, inheritance and liquor taxes, cannabis regulation transfers, and other miscellaneous sources totaled $5.036 billion for fiscal year 2024, accounting for 9.5% of total revenues

In fiscal year 2024, expenditures from the General Funds totaled $51.675 billion, which is $914 million less than General Funds revenues received for the fiscal year. Education encompassed the largest portion of the General Funds budget, with fiscal year 2024 spending of $21.213 billion, or 41.0% of total expenditures, including $16.781 billion for elementary and secondary education (includes teacher retirement contributions) and $4.432 billion for higher education (includes retirement contributions). Health and Social Services expenditures (including spending for medical assistance, children and family services, the operation of mental health and developmentally disabled facilities and other related services) totaled $19.731 billion in fiscal year 2024, accounting for 38.2% of total General Funds expenditures. Transfers-out of $2.295 billion from the General Funds primarily supported debt service payments on bonds issued. Expenditures of $3.211 billion for Public Protection and Justice included funding for the operation of prisons, courts and law enforcement. Other spending included $4.793 billion for General Government, and $483 million for environmental assistance and employment and economic development.

According to Illinois Office of Comptroller records, Illinois lottery revenues deposited into the State Treasury totaled $1.867 billion in fiscal year 2024. Of this total, $1.860 billion was deposited into the State Lottery Fund while $7 million from special instant games was deposited into eight separate funds. Total Illinois State Lottery Fund expenditures of $1.884 billion in fiscal year 2024 included $630 million, or 33.4%, for prizes; $877 million, or 46.6%, in transfers to the Common School Fund for education; and $376 million, or 20.0%, for operational expenses of the lottery, the largest component of which was $187 million for expenses of developing and promoting lottery games.