General Fund Revenue Report - April 2024

By Brittany Van Strien , Budget Analyst | 18 days 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%.

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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%

General Fund Revenue Report - April 2024

By Brittany Van Strien , Budget Analyst | 18 days ago

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