Revenue Increases During March

Liz Gullett

Apr 13, 2018

March’s revenue earmarked for the General Fund (GF) and School Aid Fund (SAF) totaled $1.4 billion, an increase of 17.5% from the prior year. The total revenue for the month was $43.8 million higher than prior estimates. GF collections were $35.4 million above estimates and the SAF revenue was also higher by $12 million. Net income tax revenue came in 1.6% above the prior year and $45.5 million higher than estimated.

Highlights of the monthly report by the Senate Fiscal Agency include:

Sales tax receipts – Declined 3.5% from the prior year and were $23.8 million below estimates
Year-to-date sales tax collections – 0.2% less than the prior fiscal year and $49.3 million below estimates
Use tax collections – 37% higher than the prior year and $50 million above estimates
Combined business tax collections — $7.5 million last month, which is $19 million below estimates
Corporate Income Tax – 43.2% lower than the prior year and $44 million less than estimated

To read the full report, please click here.

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