Fiscal year-to-date General Fund collections total $18.2 billion, which is $290 million, or 1.6 percent, above estimate. That surplus shank significantly since December’s revenue report when the surplus was running $403.7 million over estimates.
Also on February 1, the Independent Fiscal Office reported January revenues were $99.1 million below its estimates, with fiscal year to date revenue was $320.6 million over its estimates. Click Here for the full IFO report.
Revenue Department
Since the start of the 2018-19 fiscal year, overall tax revenue is $957.1 million, or 5.7 percent, more than was collected in the same period of the last fiscal year.
Sales tax receipts totaled $1 billion for January, $37.2 million above estimate. Year-to-date sales tax collections total $6.6 billion, which is $200.4 million, or 3.1 percent, more than anticipated.
Personal income tax (PIT) revenue in January was $1.5 billion, $146.3 million below estimate. This brings year-to-date PIT collections to $7.4 billion, which is $349.7 million, or 4.5 percent, below estimate.
January corporation tax revenue of $143.1 million was $6.8 million above estimate. Year-to-date corporation tax collections total $1.8 billion, which is $301.4 million, or 20.1 percent, above estimate.
Inheritance tax revenue for the month was $80.2 million, $7.7 million below estimate, bringing the year-to-date total to $597.9 million, which is $7.5 million, or 1.2 percent, below estimate.
Realty transfer tax revenue was $42.9 million for January, $8.4 million below estimate, bringing the fiscal-year total to $319.8 million, which is $14.1 million, or 4.2 percent, less than anticipated.
Other General Fund tax revenue, including cigarette, malt beverage, liquor and gaming taxes, totaled $114.6 million for the month, $1.7 million below estimate and bringing the year-to-date total to $1.1 billion, which is $2 million, or 0.2 percent, above estimate.
Non-tax revenue totaled $18.8 million for the month, $6.5 million above estimate, bringing the year-to-date total to $374.3 million, which is $157.5 million, or 72.6 percent, above estimate.
In addition to the General Fund collections, the Motor License Fund received $203.9 million for the month, $19.9 million below estimate. Fiscal year-to-date collections for the fund — which include the commonly known gas and diesel taxes, as well as other license, fine and fee revenues — total $1.6 billion, which is $56.8 million, or 3.5 percent, below estimate.
