State Releases August 2013 General Revenue Report

September 10, 2013

 

State Budget Director Linda Luebbering announced that 2014 fiscal year-to-date net general revenue collections decreased 0.8 percent compared to 2013, from $1.16 billion last year to $1.15 billion this year.

Net general revenue collections for August 2013 increased by 2.2 percent compared to those for August 2012, from $652.6 million to $667.2 million.

 GROSS COLLECTIONS BY TAX TYPE

 Individual income tax collections

  • Increased 2.6 percent for the year, from $764.4 million last year to $784.4 million this year.
  • Increased 4.6 percent for the month.

 Sales and use tax collections

  • Increased 0.7 percent for the year, from $339.4 million last year to $341.8 million this year.
  • Decreased 1.8 percent for the month.

 Corporate income and corporate franchise tax collections

  • Increased 10.3 percent for the year, from $27.9 million last year to $30.8 million this year.
  • Increased 10.2 percent for the month.

All other collections

  • Decreased 43.3 percent for the year, from $111.4 million last year to $63.2 million this year.
  • Decreased 13.7 percent for the month.

Refunds

  • Decreased 15.5 percent for the year, from $84.8 million last year to $71.6 million this year.
  • Decreased 16.3 percent for the month.

Director Luebbering also noted the General Revenue Fund borrowed $150 million from the Budget Reserve Fund for cash flow purposes. The funds will be repaid before the Constitutional deadline of May 15, 2014.

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