The Office of State Budget Director has reported that January’s General Fund receipts rose 9.0 percent compared to January of last year, an increase of $75.0 million.
Total revenues for the month were $903.9 million, compared to $828.9 million during January 2015. Receipts have now grown 4.7 percent for the first seven months of Fiscal Year 2016 (FY16).
The official FY16 revenue estimate calls for 3.2 percent growth in revenues and requires 1.3 percent growth for the last five months of the fiscal year to meet the official estimate. State Budget Director John Chilton noted that General Fund tax receipts continued to grow strongly.
“January brought another large increase in General Fund tax collections. Six of the seven months this fiscal year have produced increases in revenue and in four of the months, growth has exceeded 6.0 percent. In January, growth was primarily concentrated in individual income and sales and use taxes. These gains offset declines in coal severance and corporation income taxes.”
Among the major accounts:
• Individual income tax collections grew 24.0 percent for the month and are up 7.2 percent through the first seven months of FY16. Part of the January increase is the result of a timing issue last year in which withholding receipts were understated.
• Sales and use tax receipts increased 4.4 percent for the month and are up 5.9 percent year-to date.
• Corporation income tax receipts fell 39.8 percent but have increased 3.2 percent in the first seven months of the fiscal year. Collections last January were bolstered by a one- time accounts receivable collection making the current-year decline more pronounced.
• Property tax collections were flat in January but have increased 2.2 percent year-to-date.
• Cigarette tax receipts increased 12.1 percent for the month and have increased 4.1 percent
year-to-date.
• Coal severance tax receipts fell 37.3 percent to $8.9 million, the lowest monthly total in over two decades. Collections are down 27.4 percent through the first seven months of the fiscal year.
Road Fund receipts for January totaled $110.0 million, a 14.5 percent decline compared to January 2015 levels. Year-to-date receipts have fallen 6.7 percent.
Collections for the month were $110.0 million and make January the lowest monthly total for year (along with September). The official Road Fund estimate calls for revenues to decline 5.3 percent for the fiscal year. Based on year-to-date tax collections, revenues can fall 3.2 percent for the remainder of the fiscal year and still hit the official forecast.
Among the accounts, motor fuels fell 21.9 percent. Motor vehicle usage revenue declined 2.7 percent, and license and privilege receipts grew 1.1 percent. The decrease in Road Fund receipts is attributable to lower fuel taxes relative to the prior year.
General Fund
Road Fund
