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State Releases December 2011 General Revenue Report

January 5, 2012

State Budget Director Linda Luebbering announced today that 2012 fiscal year-to-date net general revenue collections increased 1.2 percent compared to fiscal year 2011, from $3.45 billion last year to $3.49 billion this year

Net general revenue collections for December 2011 decreased by 2.1 percent compared to those for December 2010, from $667.1 million to $652.8 million.

Director Luebbering also noted the General Revenue Fund borrowed $75 million from the Budget Reserve Fund for cash flow purposes and that the funds will be repaid before the Constitutional deadline of May 15th.

GROSS COLLECTIONS BY TAX TYPE

Individual income tax collections

  • Increased 2.2 percent for the year, from $2.44 billion last year to $2.49 billion this year.
  • Increased 0.1 percent for the month.

Sales and use tax collections

  • Increased 2.2 percent for the year from $898.3 million last year to $918.2 million this year.
  • Decreased 4.0 percent for the month.

Corporate income and corporate franchise tax collections

  • Decreased 10.6 percent for the year, from $244.6 million last year to $218.5 million this year.
  • Decreased 10.5 percent for the month.

All other collections

  • Decreased 22.9 percent for the year, from $219.1 million last year to $168.8 million this year.
  • Decreased 27.9 percent for the month.

Refunds

  • Decreased 12.3 percent for the year, from $351.0 million last year to $307.9 million this year.
  • Decreased 30.2 percent for the month.