General Fund Revenue Report - May 2024

By Gueorgui Tochev , Budget Analyst | 17 days 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%

 

General Fund Revenue Report - May 2024

By Gueorgui Tochev , Budget Analyst | 17 days ago

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