General Fund receipts hitting "substantial momentum" ahead of final quarter in FY15
04/10/2015 05:20 PM
General Fund tax receipts are gaining steam as the 2015 fiscal year nears its final quarter, growing 4.8 percent in March compared to last year, State Budget Director Jane Driskell announced in a news release Friday.
Tax revenues totaled $789.9 million in March, up from $753.5 million last March, according to the release. Receipts have increased 4.1 percent in the first nine months of the fiscal year, meaning the General Fund’s tax collections must improve 2.2 percent in the final quarter to meet official estimates of 3.6 percent growth.
“General Fund revenue collections increased 5.4 percent in the third quarter of FY15 following an equally solid 5.8 percent growth rate in the second quarter,” Driskell said in a statement.
“These growth rates have been led by the two largest sources of General Fund revenue, individual income taxes and the sales tax. With only three months remaining in the fiscal year, prospects of achieving the official revenue estimate are solid.”
Much of the growth came from individual and corporate income tax receipts, which increased 18.7 percent and 12.4 percent, respectively, in March and 7.3 percent and 1.3 percent, respectively, this fiscal year, according to the release.
Sales and use taxes dipped 2.8 percent but are up 4.1 percent this fiscal year. Inclement weather may be to blame for the lag because sales tax receipts dropped in other states this month, according to the release.
Road Fund receipts declined .2 percent in March, with collections totaling $136.8 million for the month. Road Fund collections are projected to decrease 0.9 percent for the fiscal year, meaning receipts can drop another 3.7 percent for the rest of the year and match the projection, according to the release.
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