State Revenue Collections Continue to Grow

Liz Gullett

Sep 02, 2022

State revenue collections in July were up across the board from the prior year, continuing the upward trend in higher revenue. General Fund-General Purpose (GF-GP) collections came in at $95.8 million during the month, an increase of 7.9% from July 2021. Likewise, collections earmarked for the School Aid Fund (SAF) totaled $134.1 million, which was an increase of 11.6%, and transportation collections increased by 2.6% to $7.5 million. Year-to-date GF-GP collections are up $2,165.8 million, which is an increase of 20.6% from the prior year. SAF earmarked collections are up $1,446.9 million, an 11.7% increase, and transportation collections are up $79.9 million, which is 2.8% higher than last year. The State is already sitting on a large surplus of unspent funds, the additional revenue the state continues to collect will add to that pot and give legislators more funds to appropriate when they begin the budget process early next year.

Additional highlights from the monthly report by the State Budget Office (SBO) include:

- The July 2022 number of unemployed was 32.4% lower than July 2021
- Gasoline prices in the state decreased 48.2 cents per gallon from the prior month
- Light vehicle sales increased by 2.3% month-over-month

To read the full monthly report by the SBO, please click here.

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