General Fund receipts up 12.8 percent in November compared to last year; Road Fund down slightly
12/10/2014 03:00 PM
Buoyed by strong income and sales tax collections, the state’s General Fund drew $905.7 million in revenue in November, up $102.8 million and 12.8 percent compared to November 2013, State Budget Director Jane Driskell announced Wednesday.
Tax receipts have grown 4.2 percent in the first five months of the current fiscal year, and collections will need to rise 3.2 percent in the remaining seven months to hit the $9.8 billion revenue projection for fiscal year 2015, according to a news release.
“Sales and individual income taxes account for the majority of November’s increase,” Driskell said in a statement, with individual income taxes up 13.7 percent and sales taxes up 11.8 percent in November compared to last year.
“We are pleased with the strong General Fund results in November, recognizing that some growth could be attributed to timing issues. We are hopeful that continued strong growth in sales tax receipts and withholding (payroll taxes) is a positive sign of improving underlying economic conditions.”
Other state tax collections are a mixed bag. Comparing this November to last November, property taxes rose 20.3 percent, corporate income taxes grew $1.9 million and lottery receipts increased 8.3 percent while coal severance receipts fell 3.9 percent and cigarette taxes dropped sharply at 24.3 percent, according to a news release.
November receipts for the Road Fund totaled $129.7 million, a 0.2 percent drop from November 2013, per the release. Overall, Road Fund collections have increased 1 percent in the fiscal year and can decline 2.2 percent in the remaining seven months to match the $1.5 billion revenue estimate, according to the release.
Motor fuels taxes rose 1.3 percent in November, matching the same rate over the previous five months of the fiscal year, while motor vehicle usage taxes rose 3.1 percent last month but declined 0.6 percent year-to-date, according to the release. License and privilege receipts dropped 7.7 percent in November and non-tax receipts fell $442,000 for the Road Fund, per the release.
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