Monthly State Revenue Grows

Liz Gullett

Sep 23, 2022

Last month, revenue earmarked for the General Fund (GF) and School Aid Fund (SAF) increased 4.1% over the August 2021 amount and was $304.8 million above prior projections. The majority of the higher-than-expected revenue came from greater-than-expected sales tax collections and less-than-expected individual income tax refunds. Collections earmarked for the GF were $227.3 million above the expected level and SAF collections were $79.7 million higher than forecasted. Other key points from the monthly revenue report include:

- Net income tax revenue grew 4.6% from the prior year to $981.2 million for the month
- Individual income tax refunds were $178.5 million below forecasts
- Sales tax collections in August totaled $998.3 million, a 15.1% increase from August 2021
- Sales tax collections from vehicle sales totaled $140.1 million, an all-time monthly high
- Use tax collections increase 0.2% from the prior year to $228.7 million
- Combined business tax collections totaled $24.3 million in August, which was $11.5 million above the projected level

To read the full monthly report, please click here.

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