General Fund Revenue Report - April 2024
By Brittany Van Strien , Budget Analyst | one year ago
General Fund revenues in April were $373.3 million or 7.0% higher than expected. For the year-to-date, General Fund revenues are $739.3 million or 2.0% above estimate.
April was a significant month for individual taxpayers as it consisted of the payment deadline for 2023 Personal Income Tax (PIT) payments. Overall PIT collections underperformed for the month by $14.6 million or 0.5%. Although withholding payments finished the month $24.1 million (2.3%) over estimate, non-withholding payments, including estimated quarterly and annual payments, were $38.7 million or 2.0% less than expected. This was largely due to estimated payments finishing the month $50.9 million or 9.9% under estimate. Conversely, annual payments were $12.1 million or 0.9% ahead of estimate. For the year-to-date, PIT collections are $157.5 million or 1.0% under expectations.
Sales and Use Tax (SUT) collections were $0.1 million under estimate for the month. However, year-to-date SUT collections are still above estimate by $82.6 million or 0.7%.
r
Corporate Net Income Tax (CNIT) collections were $162.8 million or 30.2% higher than projected in April. For the year-to-date, CNIT revenue is exceeding projections by $187.8 million or 4.5%. Similarly, Inheritance Tax revenue was $87.4 million or 70.9% higher than expected for the month, putting year-to-date collections $137.4 million or 11.2% ahead of estimate.
Non-tax revenue was also $125.0 million or 46.6% above estimate. For the year-to-date, non-tax revenue is $397.3 million or 37.7% higher than expected, making it the highest outperforming General Fund revenue source through the end of April.
|
2023/24 General Fund Revenues ($ amounts in millions)
|
|
|
April 2024 Revenues
|
Year-to-Date Revenues
|
|
|
Month Estimate
|
Month Revenues
|
$ Difference
|
% Difference
|
YTD Estimate
|
YTD Revenues
|
$ Difference
|
% Difference
|
|
General Fund Total
|
$5,312.3
|
$5,685.6
|
$373.3
|
7.0%
|
$37,745.1
|
$38,484.4
|
$739.3
|
2.0%
|
|
Tax Revenue
|
$5,043.9
|
$5,292.2
|
$248.3
|
4.9%
|
$36,690.5
|
$37,032.5
|
$342.0
|
0.9%
|
|
Corporation Taxes:
|
|
Corporate Net Income Tax
|
$538.9
|
$701.7
|
$162.8
|
30.2%
|
$4,191.1
|
$4,378.9
|
$187.8
|
4.5%
|
|
Gross Receipts Tax
|
$2.0
|
$2.5
|
$0.5
|
24.2%
|
$1,306.2
|
$1,381.0
|
$74.8
|
5.7%
|
|
Public Utility Realty Tax
|
$22.5
|
$24.9
|
$2.4
|
10.8%
|
$23.7
|
$27.3
|
$3.6
|
15.2%
|
|
Insurance Premiums Taxes
|
$85.0
|
$95.4
|
$10.4
|
12.2%
|
$993.4
|
$1,001.3
|
$7.9
|
0.8%
|
|
Financial Institution Taxes
|
$7.4
|
$10.8
|
$3.4
|
46.3%
|
$324.5
|
$382.5
|
$58.0
|
17.9%
|
|
Consumption Taxes:
|
|
Sales and Use Tax
|
$1,211.5
|
$1,211.4
|
($0.1)
|
0.0%
|
$11,750.2
|
$11,832.8
|
$82.6
|
0.7%
|
|
Cigarette Tax
|
($45.9)
|
($46.9)
|
($1.0)
|
-2.1%
|
$548.5
|
$517.6
|
($30.9)
|
-5.6%
|
|
Other Tobacco Products Tax
|
$14.2
|
$11.6
|
($2.6)
|
-18.4%
|
$135.9
|
$121.2
|
($14.7)
|
-10.8%
|
|
Malt Beverage Tax
|
$1.8
|
$1.5
|
($0.3)
|
-14.0%
|
$18.0
|
$17.4
|
($0.6)
|
-3.1%
|
|
Liquor Tax
|
$36.6
|
$34.6
|
($2.0)
|
-5.4%
|
$385.8
|
$372.8
|
($13.0)
|
-3.4%
|
|
Other Taxes:
|
|
Personal Income Tax
|
$2,968.6
|
$2,954.0
|
($14.6)
|
-0.5%
|
$15,181.9
|
$15,024.4
|
($157.5)
|
-1.0%
|
|
Realty Transfer Tax
|
$45.3
|
$48.7
|
$3.4
|
7.6%
|
$413.9
|
$427.4
|
$13.5
|
3.3%
|
|
Inheritance Tax
|
$123.4
|
$210.8
|
$87.4
|
70.9%
|
$1,231.0
|
$1,368.4
|
$137.4
|
11.2%
|
|
Gaming Taxes
|
$30.8
|
$29.8
|
($1.0)
|
-3.3%
|
$309.5
|
$304.3
|
($5.2)
|
-1.7%
|
|
Minor and Repealed
|
$1.8
|
$1.2
|
($0.6)
|
-32.5%
|
($123.1)
|
($125.0)
|
($1.9)
|
-1.5%
|
|
Non-Tax Revenue
|
$268.4
|
$393.4
|
$125.0
|
46.6%
|
$1,054.6
|
$1,451.9
|
$397.3
|
37.7%
|