General Fund Revenue Report - January 2024

By Brittany Van Strien , Budget Analyst | one month ago

General Fund revenues in January were $74.6 million or 1.9% higher than expected.

For the Year-to-date, General Fund revenues are $6.6 million or 0.03% above estimate.

Sales and Use Tax (SUT) revenue outperformed projections for the month by $89.0 million or 7.2%. Collections from nonmotor vehicle sales were the main contributor to this higher-than-expected revenue in January, finishing the month $88.0 million or 7.8% over estimate. Collections from motor vehicle sales were $1.0 million or 1.0% more than estimated. These collections in January bring the year-to-date SUT revenue performance to $27.2 million or 0.3% under estimate.

Corporate Net Income Tax (CNIT) revenue also finished the month $35.2 million or 20.1% above projections. For the year-to-date, CNIT collections are $109.6 million or 4.0% more than estimated. Similarly, non-tax revenue finished $136.2 million or 275.8% more than expected in January, largely due to more interest income than projected for the month and fiscal year.

Personal Income Tax revenue in January was $183.3 million or 9.0% under estimate. For the year-to-date. PIT collections are underperforming by $306.0 million or 3.2%.  

Looking ahead, Governor Shapiro will present his 2024/25 Executive Budget proposal on Tuesday, February 6. The House Appropriations Committee will begin budget hearings with agencies on Tuesday, February 20.

2023/24 General Fund Revenues ($ amounts in millions)

 

January 2024 Revenues

Year-to-Date Revenues

 

Month Estimate

Month Revenues

$ Difference

% Difference

YTD Estimate

YTD Revenues

$ Difference

% Difference

General Fund Total

$3,833.5

$3,908.1

$74.6

1.9%

$23,746.3

$23,752.9

$6.6

0.03%

Tax Revenue

$3,784.1

$3,722.5

($61.6)

-1.6%

$23,223.0

$23,013.7

($209.3)

-0.9%

Corporation Taxes:

Corporate Net Income Tax

$175.2

$210.4

$35.2

20.1%

$2,742.7

$2,852.3

$109.6

4.0%

Gross Receipts Tax

$5.0

$5.9

$0.9

18.8%

$26.3

$28.3

$2.0

7.5%

Public Utility Realty Tax*

$0.0

$0.0

$0.0

0.0%

$1.2

$2.3

$1.1

94.2%

Insurance Premiums Taxes

$51.3

$61.9

$10.6

20.7%

$53.5

$70.5

$17.0

31.8%

Financial Institution Taxes

$0.6

$2.1

$1.5

252.9%

$27.0

$29.0

$2.0

7.4%

Consumption Taxes:

Sales and Use Tax

$1,227.9

$1,316.9

$89.0

7.2%

$8,521.9

$8,494.7

($27.2)

-0.3%

Cigarette Tax

$41.3

$34.6

($6.7)

-16.2%

$456.7

$439.2

($17.5)

-3.8%

Other Tobacco Products Tax

$13.9

$12.1

($1.8)

-13.1%

$95.7

$85.9

($9.8)

-10.2%

Malt Beverage Tax

$1.5

$1.6

$0.1

3.8%

$13.2

$12.5

($0.7)

-5.4%

Liquor Tax

$33.1

$29.8

($3.3)

-9.9%

$277.5

$269.6

($7.9)

-2.8%

Other Taxes:

Personal Income Tax

$2,037.4

$1,854.1

($183.3)

-9.0%

$9,682.5

$9,376.5

($306.0)

-3.2%

Realty Transfer Tax

$42.4

$47.4

$5.0

11.8%

$310.3

$300.9

($9.4)

-3.0%

Inheritance Tax

$118.4

$105.0

($13.4)

-11.4%

$826.0

$874.7

$48.7

5.9%

Gaming Taxes

$33.8

$36.4

$2.6

7.6%

$214.2

$210.4

($3.8)

-1.8%

Minor and Repealed

$2.3

$4.3

$2.0

87.9%

($25.7)

($33.3)

($7.6)

-29.5%

Non-Tax Revenue

$49.4

$185.6

$136.2

275.8%

$523.3

$739.3

$216.0

41.3%

*Note: Actual Public Utility Realty Tax collections in January were $23,518.

General Fund Revenue Report - January 2024

By Brittany Van Strien , Budget Analyst | one month ago

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