January Revenue Report Released

Liz Gullett

Feb 26, 2016

This week, the nonpartisan Senate Fiscal Agency released January 2016 revenue numbers. According to their numbers, General Fund and School Aid fund earmarked revenue was $2.3 billion for the month, an increase of 3.4% from January 2015. Net income tax revenue was $1.1 billion, an increase of 8.1% over the prior year. While withholding payments were 4.7% above January 2015, they were $23.2 million less than previously estimated. Sales tax receipts were $601.4 million last month, a decline of 6.1% over the previous year, and $33.7 million below estimates.

The record powerball jackpot in January resulted in a 71.5% increase from lottery revenue over the previous year. The revenue goes to the School Aid Fund, resulting in an increase of $23.3 million from prior estimates.

To view the full monthly report, please click here.

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