General Fund Revenue Report - May 2024
By Gueorgui Tochev , Senior Budget Analyst | 6 months ago
General Fund revenues in May were $86.4 million or 2.6% higher than expected. For the year-to-date, General Fund revenues are $825.7 million or 2.0% above estimate.
Overall, Personal Income Tax (PIT) collections outperformed for the month by $10.6 million or 0.8%. As a component of PIT, withholding payments finished the month $8.4 million (0.7%) over estimate, and non-withholding payments were $2.3 million or 1.8% higher than expected. For the year-to-date, PIT collections are $146.8 million or 0.9% below expectations.
Sales and Use Tax (SUT) collections were $117.1 million over estimate, or 10.8% for the month. In turn, year-to-date SUT collections are still above estimate by $199.7 million or 1.6%.
Corporate Net Income Tax (CNIT) collections were $109 million or 23.5% lower than projected in May. For the year-to-date, CNIT revenue exceeds projections by $78.9 million or 1.7%. Similarly, Inheritance Tax revenue was $18.1 million or 14.0% higher than expected for the month, putting year-to-date collections $155.4 million or 11.4% ahead of estimate.
Non-tax revenue was also $42.8 million or 110.4% above estimate. For the year-to-date, non-tax revenue is $440.1 million or 40.3% higher than expected, making it the highest outperforming General Fund revenue source through the end of May.
| 2023/24 General Fund Revenues |
| ($ amounts in millions) |
| |
May Revenues |
Year-to-Date Revenues |
| |
Month Estimate |
Month Revenues |
$ Chng |
% Chng |
YTD Estimate |
YTD Revenues |
$ Chng |
% Chng |
| General Fund Total |
$3,270.0 |
$3,356.4 |
$86.4 |
2.6% |
$41,015.1 |
$41,840.8 |
$825.7 |
2.0% |
| Tax Revenue |
$3,231.2 |
$3,274.8 |
$43.6 |
1.3% |
$39,921.7 |
$40,307.3 |
$385.6 |
1.0% |
| Corporation Taxes: |
| Corporate Net Income Tax |
$464.2 |
$355.2 |
($109.0) |
-23.5% |
$4,655.3 |
$4,734.2 |
$78.9 |
1.7% |
| Gross Receipts Tax |
($2.5) |
$4.1 |
$6.6 |
265.0% |
$1,303.7 |
$1,385.1 |
$81.4 |
6.2% |
| Public Utility Realty Tax |
$22.7 |
$16.7 |
($6.0) |
-26.2% |
$46.4 |
$44.1 |
($2.3) |
-5.1% |
| Insurance Premiums Taxes |
$4.4 |
$8.1 |
$3.7 |
83.8% |
$997.8 |
$1,009.4 |
$11.6 |
1.2% |
| Financial Institution Taxes |
$0.6 |
$7.3 |
$6.7 |
1124.1% |
$325.1 |
$389.8 |
$64.7 |
19.9% |
| Consumption Taxes: |
| Sales and Use Tax |
$1,080.8 |
$1,197.9 |
$117.1 |
10.8% |
$12,831.0 |
$13,030.7 |
$199.7 |
1.6% |
| Cigarette Tax |
$80.1 |
$71.4 |
($8.7) |
-10.9% |
$628.6 |
$589.0 |
($39.6) |
-6.3% |
| Other Tobacco Products Tax |
$13.3 |
$12.4 |
($0.9) |
-6.7% |
$149.2 |
$133.6 |
($15.6) |
-10.4% |
| Malt Beverage Tax |
$1.7 |
$2.0 |
$0.3 |
15.4% |
$19.7 |
$19.4 |
($0.3) |
-1.5% |
| Liquor Tax |
$39.9 |
$39.5 |
($0.4) |
-0.9% |
$425.7 |
$412.4 |
($13.3) |
-3.1% |
| Other Taxes: |
| Personal Income Tax |
$1,290.9 |
$1,301.5 |
$10.6 |
0.8% |
$16,472.8 |
$16,326.0 |
($146.8) |
-0.9% |
| Realty Transfer Tax |
$47.8 |
$51.5 |
$3.7 |
7.7% |
$461.7 |
$478.9 |
$17.2 |
3.7% |
| Inheritance Tax |
$128.8 |
$146.9 |
$18.1 |
14.0% |
$1,359.8 |
$1,515.2 |
$155.4 |
11.4% |
| Gaming Taxes |
$36.1 |
$37.7 |
$1.6 |
4.4% |
$345.6 |
$342.0 |
($3.6) |
-1.0% |
| Minor and Repealed |
$22.4 |
$22.5 |
$0.1 |
0.6% |
($100.7) |
($102.5) |
($1.8) |
1.7% |
| Non-Tax Revenue |
$38.8 |
$81.6 |
$42.8 |
110.4% |
$1,093.4 |
$1,533.5 |
$440.1 |
40.3% |