Comptroller Report

General Funds revenues totaled $53.134 billion in fiscal year 2023. The largest source of revenue to the General Funds was the personal income tax with receipts of $23.750 billion, accounting for 44.7% of total revenues. Sales taxes were the second-largest source of revenue with $10.451 billion, or 19.7% of total revenues. Other major sources included federal revenues of $6.229 billion, or 11.7%; corporate income taxes of $5.828 billion, or 11.0%; lottery and riverboat transfers of $883 million, or 1.7%; and public utility taxes of $751 million, or 1.4%. All other sources of revenue, including insurance, cigarette, inheritance and liquor taxes, cannabis regulation transfers, and other miscellaneous sources totaled $5.242 billion for fiscal year 2023, accounting for 9.8% of total revenues.

In fiscal year 2023, expenditures from the General Funds totaled $50.837 billion, which is $2.297 billion less than revenues received for the fiscal year. Education encompassed the largest portion of the General Funds budget with fiscal year 2023 spending of $20.235 billion, or 39.8% of total expenditures, including $16.066 billion for elementary and secondary education (includes teacher retirement contributions) and $4.169 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 $16.835 billion in fiscal year 2023, accounting for 33.1% of total General Funds expenditures. Transfers-out of $4.196 billion from the General Funds primarily supported debt service payments on bonds issued. Expenditures of $3.008 billion for Public Protection and Justice included funding for the operation of prisons, courts and law enforcement. Other spending included $4.469 billion for General Government, and $2.148 billion for environmental assistance and employment and economic development.

According to Illinois Office of Comptroller records, Illinois lottery revenues deposited into the State Treasury totaled $2.322 billion in fiscal year 2023. Of this total, $2.314 billion was deposited into the State Lottery Fund while $8 million from special instant games was deposited into nine separate funds. Total Illinois State Lottery Fund expenditures of $2.263 billion in fiscal year 2023 included $1.099 billion, or 48.6%, for prizes; $726 million, or 32.1%, in transfers to the Common School Fund for education; $138 million, or 6.1%, in transfers to the Capital Projects Fund; and $300 million, or 13.2%, for operational expenses of the lottery, the largest component of which was $148 million for expenses of developing and promoting lottery games.