General Fund Revenue Report - October 2024

By Gueorgui Tochev , Senior Budget Analyst | one month ago

General Fund revenues in October were $57.1 million or 1.7% higher than expected. For the year-to-date, General Fund revenues are $77.3 million or 0.6% above estimate.

Overall Personal Income Tax (PIT) collections overperformed for the month by $33.2 million or 2.3%. As a component of PIT, withholding payments finished the month $35.3 million or 2.9% higher than estimate and non-withholding payments were $2.1 million or 0.9% less than expected. For the year-to-date, PIT collections are $21.7 million or 0.4% below expectations.

Sales and Use Tax (SUT) collections were $22.2 million over estimate for the month, resulting in year-to-date SUT collections of $11.9 million or 0.2% higher than estimate.

Corporate Net Income Tax (CNIT) collections were $35.5 million or 17.7% less than projected in October. Combined year-to-date CNIT revenue is lower than projections by $22 million or 1.5%.

Inheritance Tax revenue was $1.9 million or 1.3% lower than expected for the month, putting year-to-date collections $30 million or 5.4% ahead of estimate. Similarly, Nontax revenue was also $37 million or 51.6% above estimate. For the year-to-date, Nontax revenue is $63.3 million or 21% higher than expected.