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Tuesday, June 3, 2014

State tax revenue dips in May

Posted By on Tue, Jun 3, 2014 at 9:53 AM

The state revenue report for May shows a dip in tax income. Some, but not all,is  because of accounting changes. Gross income was down 4 percent from the same month last year and 6.2 percent below forecast. The Finance and Administration Department offered this commentary:

Results in May reflect a shift of approximately $20 million in Corporate Income tax collections previously reported in April but normally expected in filings for May. This one-month shift boosted April results at the expense of May while year-to-date results now reflect a more realistic look at performance with one month remaining in the fiscal  year. The budget is on track to be fully funded.

In addition, modest growth in collections for Individual Withholding tax and decline in Sales and Use tax provided further drag on results compared to year ago and forecast.

The big picture, through 11 months of the fiscal year: 

Gross collections of $5.626 billion are up $33.5 million. or .6 percent above last year. The net, after off-the-top obligations, is is $3.3 million, or .1 percent above last year, but $52.9 million, or 1.2 percent, over forecast. That's where you'll find surplus for teacher health insurance, crowded prisons, underfunded school construction, skyrocketing college costs, public safety and other odds and ends.

Here's the May 2014 report.

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