Fiscal Year 2005 Year End Financial Overview

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FISCAL YEAR 2005 – YEAR END FINANCIAL OVERVIEW
FISCAL YEAR 2005 OPERATING HIGHLIGHTS
FY 04 FY 05 Change %
Change
OPERATIONS
General Funds Revenues $ 23,107 $ 23,647 $ 540 2.3%
Operating Transfers In * 3,716 2,513 (1,203) -32.4%
Total Operating Receipts $ 26,823 $ 26,160 $ (663) -2.5%
General Funds Expenditures* $ 23,449 $ 22,187 $ (1,262) -5.4%
Operating Transfers Out 2,519 3,658 1,139 45.2%
Total Operating Disbursements $ 25,968 $ 25,845 $ (123) -0.5%
Cash Basis Operating Surplus/(Deficit)* $ 855 $ 315 $ (540) N/A
Other Financial Sources (Uses) $ (990) $ - $ 990 -100.0%
Increase/(Decrease) in Cash * $ (135) $ 315 $ (450)
Table I
OPERATING HIGHLIGHTS*
FY2004 vs. FY2005
(in millions)
* Refer to Appendices I and II details.
Revenues and Operating Transfers In
As illustrated in Table I and detailed in Appendix II, Revenues and Operating Transfers In collected in fiscal year
2005 were $26,160 million, which was $663 million or 2.5% under the comparable collections of fiscal year 2004.
State Revenues increased by $1,408 million or 7.8%, primarily driven by growth in income and sales taxes. These
taxes are economically sensitive revenue sources that reflect the overall improvement in the Illinois economy which
occurred in FY 2005. Federal receipts decreased by $868 million from prior year levels due to a one-time increase in
Medicaid reimbursement rates (from 50% to 52.95%) and certain Federal grants that were available only for fiscal
year 2004, for a net increase in General Funds revenues of $540 million. The $1,203 million decrease in Operating
Transfers In was caused by the non-recurring $1,395 million transfer in Fiscal Year 2004 from the Pension
Contribution Fund of proceeds from the issuance of Pension Obligation Bonds.
STATE OF ILLINOIS
GOVERNOR’S OFFICE OF
MANAGEMENT AND BUDGET
ROD BLAGOJEVICH
GOVERNOR