Monthly Revenue Report

Liz Gullett

Sep 15, 2017

This week, the non-partisan Senate Fiscal Agency released their revenue numbers for August 2017. Last month, General Fund and School Aid Fund taxes increased 4.3% from the prior year, totaling $2 billion. Tax collections for the month were roughly $6 million below prior estimates.

General Fund earmarked collections were $5.4 million below projections, while School Aid Fund collections were $800,000 lower than estimates. However, despite the dips last month, year-to-date collections are above projections. General Fund earmarked collections are $138.9 million more than anticipated and School Aid Fund collections are $61.3 million higher than previous estimates.

Other highlights of the report include:

Net Income tax revenue was down 10.2% from the prior year
Individual income tax refunds were 0.5% lower than the prior year
Sales tax receipts were 6.6% higher than August 2016
Last month, the state collected the highest monthly sales tax from vehicle sales since July 2003

To read the full report, please click here.

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