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.
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.
