Posted by Eleanor Wheeler on June 4th 2014
Year-to-date net general revenues are just .1 percent above last year’s levels according to the May general revenue summary from the Department of Finance and Administration. The monthly total for May was 5.6 percent lower (or $18.8 million less) than this time last year. DFA explains that this drop was the result of a “shift of approximately $20 million in Corporate Income tax collections previously reported in April but normally expected in filings for May”. This is why we saw higher numbers in April and then a dip the following month. Despite the ups and downs, the year-to date-totals are still headed for a fully funded budget. A small uptick in collections for individual withholding tax and a drop in the Sales and Use tax also contributed to last month’s reduced revenue collections. Net general revenue represents the bottom line of funds available for distribution to state agencies and is calculated by taking certain off-the-top deductions from gross general revenue (like education adequacy funding and tax refunds).