General Fund Revenue Report - April 2024
By Brittany Van Strien , Budget Analyst | 7 months 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 $397.3 million or 37.7% higher than expected, making it the highest outperforming General Fund revenue source through the end of April.
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2023/24 General Fund Revenues ($ amounts in millions)
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April 2024 Revenues
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Year-to-Date Revenues
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Month Estimate
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Month Revenues
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$ Difference
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% Difference
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YTD Estimate
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YTD Revenues
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$ Difference
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% Difference
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General Fund Total
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$5,312.3
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$5,685.6
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$373.3
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7.0%
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$37,745.1
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$38,484.4
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$739.3
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2.0%
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Tax Revenue
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$5,043.9
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$5,292.2
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$248.3
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4.9%
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$36,690.5
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$37,032.5
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$342.0
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0.9%
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Corporation Taxes:
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Corporate Net Income Tax
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$538.9
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$701.7
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$162.8
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30.2%
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$4,191.1
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$4,378.9
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$187.8
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4.5%
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Gross Receipts Tax
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$2.0
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$2.5
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$0.5
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24.2%
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$1,306.2
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$1,381.0
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$74.8
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5.7%
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Public Utility Realty Tax
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$22.5
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$24.9
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$2.4
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10.8%
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$23.7
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$27.3
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$3.6
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15.2%
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Insurance Premiums Taxes
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$85.0
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$95.4
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$10.4
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12.2%
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$993.4
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$1,001.3
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$7.9
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0.8%
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Financial Institution Taxes
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$7.4
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$10.8
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$3.4
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46.3%
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$324.5
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$382.5
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$58.0
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17.9%
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Consumption Taxes:
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Sales and Use Tax
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$1,211.5
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$1,211.4
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($0.1)
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0.0%
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$11,750.2
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$11,832.8
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$82.6
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0.7%
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Cigarette Tax
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($45.9)
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($46.9)
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($1.0)
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-2.1%
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$548.5
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$517.6
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($30.9)
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-5.6%
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Other Tobacco Products Tax
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$14.2
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$11.6
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($2.6)
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-18.4%
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$135.9
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$121.2
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($14.7)
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-10.8%
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Malt Beverage Tax
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$1.8
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$1.5
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($0.3)
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-14.0%
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$18.0
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$17.4
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($0.6)
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-3.1%
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Liquor Tax
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$36.6
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$34.6
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($2.0)
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-5.4%
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$385.8
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$372.8
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($13.0)
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-3.4%
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Other Taxes:
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Personal Income Tax
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$2,968.6
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$2,954.0
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($14.6)
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-0.5%
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$15,181.9
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$15,024.4
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($157.5)
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-1.0%
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Realty Transfer Tax
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$45.3
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$48.7
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$3.4
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7.6%
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$413.9
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$427.4
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$13.5
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3.3%
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Inheritance Tax
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$123.4
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$210.8
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$87.4
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70.9%
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$1,231.0
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$1,368.4
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$137.4
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11.2%
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Gaming Taxes
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$30.8
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$29.8
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($1.0)
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-3.3%
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$309.5
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$304.3
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($5.2)
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-1.7%
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Minor and Repealed
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$1.8
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$1.2
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($0.6)
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-32.5%
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($123.1)
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($125.0)
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($1.9)
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-1.5%
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Non-Tax Revenue
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$268.4
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$393.4
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$125.0
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46.6%
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$1,054.6
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$1,451.9
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$397.3
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37.7%
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