General Fund Revenue Report - September 2023

By Brittany Van Strien , Budget Analyst | 6 months ago

General Fund revenues in September were $140.2 million or 3.3% lower than expected.

For the year-to-date, General Fund revenues are $167.4 million or 1.7% below estimate.

Corporate net income tax revenue in September was $3.4 million or 0.3% under estimate. For the year-to-date, however, CNIT collections are $28.2 million or 2.2% above estimate. Revenues from both the gross receipts tax and public utility realty tax finished the month higher than expected by $1.7 million (56.7%) and $0.5 million (59.6%), respectively.

Sales and use tax revenue was $43.1 million or 3.6% less than expected for the month.  SUT collections for both nonmotor and motor vehicle sales underperformed the projections in September – non-motor SUT collections were $38.7 million or 3.6% under estimate, and motor vehicle SUT collections were $4.4 million or 2.7% under estimate. For the year-to-date, sales and use tax revenue is $96.2 million or 2.6% below projections.

Personal income tax revenue also finished the month $89.5 million or 5.5% lower than estimated for September. For the month, withholding payments were $4.3 million or 0.4% lower than projected, and non-withholding payments were $85.2 million or 13.2% less than expected. Personal income tax revenue for the year-to-date is $112.7 million or 2.9% below estimate.

Non-tax revenue for September was $20.0 million or 34.8% over estimate. For the year-to-date, non-tax revenue is $46.7 million or 21.6% ahead of estimate.