The Independent Fiscal Office Monday released its General Fund revenue estimates showing FY 2014-15 will end the year about $359 million above estimates and FY 2015-16 estimates are $182 million more than FY 2014-15.
FY 2014-15 unrestricted General Fund revenues are estimated to be $30.540 billion, $359 million above the estimate certified by the governor with the enactment of the FY 2014-15 budget and $1.932 billion (6.8 percent) above receipts in the prior fiscal year.
FY 2015-16 unrestricted General Fund revenues are projected to be $30.722 billion, an increase of 0.6 percent over the prior year. The projection is made on a current law basis, and it does not include the impact of proposed changes to statute.
Relative to the revenue estimates contained in the Executive Budget released on March 3rd, these projections are $363 million higher for FY 2014-15 and $98 million higher for FY 2015-16, a two-year difference of $461 million.
“FY 2014-15 revenues were inflated by various non-recurring events,” Knittel said. “Projections for FY 2015-16 anticipate continued economic growth, but the absence of the one-time revenues received in the prior year reduces the overall rate of growth for the General Fund.”
The statutory deadline for the IFO’s official estimate occurs before June sales tax remittances and the quarterly estimated payments for personal income and corporate income taxes are recorded. Accordingly, the estimate for the current fiscal year is based on collections through May and the IFO’s expectations for June revenues.For more information, visit the Independent Fiscal Office website.