Monthly Revenue Report: December

Despite smaller than expected revenues from sales tax and individual income tax, December revenues came in above forecast. Higher than expected corporate income tax collections and lower tax refund payments contributed to the increase in revenues. Net general revenue totals for December were 2.3 percent (or $10.7 million) more than last year and 4.2 percent above forecast. Net general revenue represents the bottom line of funds available for distribution to state agencies and comes from taking certain off-the-top deductions from gross general revenue (like a portion of education adequacy funding and tax refunds). The year-to-date revenue collections also beat last year’s numbers and came in above forecast. Net available general revenues for the year were 3.3 percent (or $83.4 million) more than last year and 1.7 percent (or $44.1 million) higher than forecasted.