The revised numbers came despite a 19.3 percent drop in personal income tax collections in April.
"While April's receipts did fall significantly, the falloff was considerably less than what was built into the earlier forecast," the CoGFA report said.
However, the state's current $3 billion pile of unpaid bills is expected to grow by the time the fiscal year ends on June 30.
Taxpayers were told that the temporary 67 percent state income tax hike in 2011 would go to paying off unpaid bills. While the unpaid pile is substantially less than the $9 billion it once owed, lawmakers are split over whether the tax hike should remain at the level it is, or be allowed to return back to its pre-2011 level.
The Illinois legislature is required to have next year's budget in place by May 31.