State revenue up $319.8 million in FY 2011
A new report shows the state’s general fund took in $5.8 billion in the fiscal year that ended in July, $319.8 million or 5.8 percent more than in the previous fiscal year. The report from the non-partisan Legislative Services Agency notes that total is $45.5 million more than projected by the Revenue Estimating Conference for fiscal year 2011. The REC in March estimated a similar increase in general fund revenue for the current fiscal year: $309.6 million, pushing total revenues from $5.8 billion to $6.12 billion
Jul 31, 202057K Shares935.7K Views
A new report shows the state’s general fund took in $5.8 billion in the fiscal year that ended in July, $319.8 million or 5.8 percent more than in the previous fiscal year.The report from the non-partisan Legislative Services Agency notes that total is $45.5 million more than projected by the Revenue Estimating Conference for fiscal year 2011.
The REC in March estimated a similar increase in general fund revenue for the current fiscal year: $309.6 million, pushing total revenues from $5.8 billion to $6.12 billion.
Year-to-date receipts are up in many areas:
• Personal income tax (positive $32.6 million, 4.4 percent)
• Sales/use tax (positive $13.1 million, 2.2 percent)
• Corporate tax (positive $5.6 million, 6.9 percent)
Total receipts are down $43.5 million or 3 percent so far in fiscal year 2012, largely due to a 2011 law that changed the destination of $106 million in cigarette and tobacco revenue. That money now goes into the Health Care Trust Fund rather than the general fund.
The next REC meeting is Oct. 14.
Rhyley Carney
Reviewer
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