General Fund Revenue Report - January 2024
By Brittany Van Strien , Budget Analyst | one year ago
Tax & Revenue Analyst: Adrian Buckner, Budget Analyst
General Fund revenues in January were $74.6 million or 1.9% higher than expected.
For the Year-to-date, General Fund revenues are $6.6 million or 0.03% above estimate.
Sales and Use Tax (SUT) revenue outperformed projections for the month by $89.0 million or 7.2%. Collections from nonmotor vehicle sales were the main contributor to this higher-than-expected revenue in January, finishing the month $88.0 million or 7.8% over estimate. Collections from motor vehicle sales were $1.0 million or 1.0% more than estimated. These collections in January bring the year-to-date SUT revenue performance to $27.2 million or 0.3% under estimate.
Corporate Net Income Tax (CNIT) revenue also finished the month $35.2 million or 20.1% above projections. For the year-to-date, CNIT collections are $109.6 million or 4.0% more than estimated. Similarly, non-tax revenue finished $136.2 million or 275.8% more than expected in January, largely due to more interest income than projected for the month and fiscal year.
Personal Income Tax revenue in January was $183.3 million or 9.0% under estimate. For the year-to-date. PIT collections are underperforming by $306.0 million or 3.2%.
Looking ahead, Governor Shapiro will present his 2024/25 Executive Budget proposal on Tuesday, February 6. The House Appropriations Committee will begin budget hearings with agencies on Tuesday, February 20.
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2023/24 General Fund Revenues ($ amounts in millions)
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January 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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$3,833.5
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$3,908.1
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$74.6
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1.9%
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$23,746.3
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$23,752.9
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$6.6
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0.03%
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Tax Revenue
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$3,784.1
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$3,722.5
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($61.6)
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-1.6%
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$23,223.0
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$23,013.7
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($209.3)
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-0.9%
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Corporation Taxes:
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Corporate Net Income Tax
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$175.2
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$210.4
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$35.2
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20.1%
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$2,742.7
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$2,852.3
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$109.6
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4.0%
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Gross Receipts Tax
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$5.0
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$5.9
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$0.9
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18.8%
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$26.3
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$28.3
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$2.0
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7.5%
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Public Utility Realty Tax*
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$0.0
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$0.0
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$0.0
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0.0%
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$1.2
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$2.3
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$1.1
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94.2%
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Insurance Premiums Taxes
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$51.3
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$61.9
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$10.6
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20.7%
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$53.5
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$70.5
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$17.0
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31.8%
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Financial Institution Taxes
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$0.6
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$2.1
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$1.5
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252.9%
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$27.0
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$29.0
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$2.0
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7.4%
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Consumption Taxes:
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Sales and Use Tax
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$1,227.9
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$1,316.9
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$89.0
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7.2%
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$8,521.9
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$8,494.7
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($27.2)
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-0.3%
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Cigarette Tax
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$41.3
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$34.6
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($6.7)
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-16.2%
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$456.7
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$439.2
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($17.5)
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-3.8%
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Other Tobacco Products Tax
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$13.9
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$12.1
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($1.8)
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-13.1%
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$95.7
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$85.9
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($9.8)
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-10.2%
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Malt Beverage Tax
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$1.5
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$1.6
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$0.1
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3.8%
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$13.2
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$12.5
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($0.7)
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-5.4%
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Liquor Tax
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$33.1
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$29.8
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($3.3)
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-9.9%
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$277.5
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$269.6
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($7.9)
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-2.8%
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Other Taxes:
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Personal Income Tax
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$2,037.4
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$1,854.1
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($183.3)
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-9.0%
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$9,682.5
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$9,376.5
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($306.0)
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-3.2%
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Realty Transfer Tax
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$42.4
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$47.4
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$5.0
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11.8%
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$310.3
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$300.9
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($9.4)
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-3.0%
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Inheritance Tax
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$118.4
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$105.0
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($13.4)
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-11.4%
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$826.0
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$874.7
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$48.7
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5.9%
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Gaming Taxes
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$33.8
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$36.4
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$2.6
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7.6%
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$214.2
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$210.4
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($3.8)
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-1.8%
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Minor and Repealed
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$2.3
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$4.3
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$2.0
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87.9%
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($25.7)
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($33.3)
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($7.6)
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-29.5%
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Non-Tax Revenue
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$49.4
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$185.6
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$136.2
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275.8%
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$523.3
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$739.3
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$216.0
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41.3%
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*Note: Actual Public Utility Realty Tax collections in January were $23,518.
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