Fiscal Year 2004 First Quarter Financial Review

              STATE OF ILLINOIS
EXECUTIVE OFFICE OF THE GOVERNOR
GOVERNOR’S OFFICE OF MANAGEMENT AND BUDGET
SPRINGFIELD 62706
ROD BLAGOJEVICH
GOVERNOR
JOHN B. FILAN
DIRECTOR
FISCAL YEAR 2004 FIRST QUARTER FINANCIAL REVIEW
FINANCIAL HIGHLIGHTS
FIRST QUARTER
FY2003 vs. FY2004
(in millions)
General Funds Receipts Performance versus Fiscal Year 2003
Appendix I shows the revenue performance for the first quarter of fiscal year 2004 as compared
to those collected in the first quarter of fiscal year 2003. Total state and federal revenues totaled
$5,660 million.
·  Individual income tax gross collections were up 1.2 percent from the first quarter of fiscal
year 2003. Net income tax revenues deposited into the general funds were down $70
million from the first quarter of fiscal year 2003 due to increased deposits into the
Income Tax Refund Fund in fiscal year 2004.
FY03 FY04 Change
OPERATIONS
General Funds Revenues $ 5,042 $ 5,660 $ 618
General Funds Appropriated Expenditures* $ (5,977) $ (6,324) * $ (347)
Net Operating Transfers (Including Budget Stabilization Fund) $ 253 $ 666 $ 413
Cash Basis Operating Surplus/(Deficit) $ (682) $ 2 $ 684
CASH
Beginning of Fiscal Year General Funds Cash Balance (7/1) $ 256 $ 317 $ 61
General Funds Cash Balance (9/30) $ 274 $ 319 $ 45
Budget Stabilization Fund Cash Balance (9/30) $ - $ - $ -
Total Cash Balance (9/30) $ 274 $ 319 $ 45
*FY 04 Expenditure increases reflect accelerated Medicaid expenditures of $423 million as part of the budgeted plan
to reduce the Medicaid payment cycle.