State Releases September Revenue Report

The State Budget Agency released the monthly revenue report for September 2012 tax collections, with revenues totaling $1.424 billion. This is $23 million above target and $90 million above collections for the same period last year.

Through the month, state general fund revenues increased 5.2 percent–more than double the rate needed to meet the most recent forecast. Total general fund revenues are now $51 million ahead of forecast through the first quarter of the fiscal year.

Sales tax collections increased 3.3 percent over last year at this time, with fiscal year-to-date sales tax revenues grown 2.6 percent, exceeding the growth needed to meet the overall forecast.

On the other hand, however, individual income tax collections were under expectations by $16 million, but exceeded collections for the same time last year by $91 million. Officials say this large year-over-year increase is caused by a timing issue related to the number of payrolls in a given month compared to that same month in the previous year.

Corporate income tax collections remained strong, exceeding the target by $42 million while falling short of collections for the same period last year by just $2 million.