Wednesday, July 2, 2014

State ends fiscal year up slightly on tax take

Posted By on Wed, Jul 2, 2014 at 10:14 AM

The state revenue report for June, which brings an end to the state fiscal year, shows tax revenue up barely for the year.

Gross receipts were $6.242 billion, an increase of $28.4 millioni or .5 percent above last year and a bare .2 percent above forecast. The year-end surplus of $78.7 million was 1.6 percent above the amount budgeted for distribution.

Some income shifting makes direct comparisons difficult, but income tax withholding — one good measure of economy — was up 2 percent for the year.

The latest trend isn't positive. In June, gross revenue was $616.4 million, or $5.1 million less than the same month last year. Sales tax collections fell 2 percent year to year. The net available for state agencies — after mandated off-the-top reduction — was $7.9 million less than the same month last year.

Here's the full report.

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