April Revenue Chart

Legislative Bulletin

May 18, 2001

State budget falls $736 million below target
April tax revenues were $156.3 million below budget, the State Controller’s said Tuesday in reporting figures that largely confirmed estimates that officials delivered two weeks ago to legislative budget writers. For the 10 months year-to-date the budget is $680.7 million below target, a figure that grows to $736.5 million when accounting for less-than-expected non-tax revenue. Most of the shortfall in predicted revenue is in individual income taxes, which accounts for $414.6 million of the red ink, and corporate income taxes, which are $153.5 million below target. See these and other figures in the two charts below. Although the figures look bleak, state tax collections actually are running 2 percent ahead of last year’s total. Individual income taxes are about $90 million more than at this point last fiscal year, and franchise taxes are more than $266 million ahead of where they were last year. Below are two charts showing the budget situation, one providing a quick overview of the figures and the second one offering a more detailed look at the numbers:

STATE GENERAL FUND COLLECTIONS (in millions)
Revenue Source	April 2001	%Collected vs. Budget	Collected Y-T-D	Last Y-T-D	% Change
Individual Income	$ 1,299.9	-6	$ 6,268.7	$ 5,971.8	+5
Corporate Income	14.4	-75	336.7	726.1	-54
Sales and Use	298.7	-9	2,869.4	2,768.3	+4
Franchise	44.2	-23	547.9	281.5	+95
Insurance	86.0	+29	225.4	200.3	+13
Beverage	16.3	+1	144.1	139.8	+3
Inheritance	6.4	-50	99.4	145.8	-32
Soft Drink	—	—	—	1.3	-100
License	6.5	+10	15.3	35.2	-57
Tobacco Products	3.6	+3	35.0	36.0	-3
Real Estate Excise	(1.9)	—	6.3	6.7	-6
Intangibles	—	—	—	—	—
Gift	15.9	-31	19.1	22.1	-14
Other	8.4	+71	43.4	33.3	+30
TOTAL	$ 1,798.4	-8	$ 10,610.7	$ 10,368.2	+2

	April Budget	April Actual	Variance	Y-T-D Budget	Y-T-D Actual	Variance	Percent Realized
Tax Revenue
Individual Income	$1,380.1	$1,299.9	$(80.2)	$6,683.3	$6,268.7	$(414.6)	93.8%
Corporate Income	57.1	14.4	(42.7)	490.2	336.7	(153.5)	68.7%
Sales and Use	329.2	298.7	(30.5)	2,997.7	2,869.4	(128.3)	95.7%
Franchise	57.3	44.2	(13.1)	497.5	547.9	50.4	110.1%
Insurance	66.9	86.0	19.1	211.5	225.4	13.9	106.6%
Beverage	16.1	16.3	0.2	144.8	144.1	(0.7)	99.5%
Inheritance	12.7	6.4	(6.3)	127.3	99.4	(27.9)	78.1%
Privilege License	5.9	6.5	0.6	35.7	15.3	(20.4)	42.9%
Tobacco Products	3.5	3.6	0.1	35.4	35.0	(0.4)	98.9%
Real Estate	(1.9)	(1.9)	—	6.3	6.3	—	100.0%
Intangibles	—	—	—	—	—	—	—
Gift	22.9	15.9	(7.0)	26.7	19.1	(7.6)	71.5%
White Goods	(0.6)	(0.6)	—	0.4	0.4	—	100.0%
Scrap Tire Disposal	(1.4)	(1.4)	—	0.9	0.9	—	100.0%
Freight Car Lines	—	0.3	0.3	—	0.3	0.3	—
Piped Natural Gas	6.6	10.4	3.8	33.4	41.8	8.4	125.1%
Other	0.3	(0.3)	(0.6)	0.3	—	(0.3)	—
Total Tax Revenue	1,954.7	1,798.4	(156.3)	11,291.4	10,610.7	(680.7)	94.0%
Non-Tax Revenue
Treasurer's Investments	17.9	11.7	(6.2)	180.9	144.3	(36.6)	79.8%
Judicial Fees	9.5	9.0	(0.5)	93.8	90.3	(3.5)	96.3%
Insurance	9.1	5.9	(3.2)	33.7	17.7	(16.0)	52.5%
Disproportionate share	—	—	—	109.1	109.1	—	100.0%
Highway Fund Transfer	—	—	—	10.2	10.2	—	100.0%
Highway Trust Fund Transfer	—	—	—	170.0	170.0	—	100.0%
Other	20.5	31.4	10.9	180.7	181.0	0.3	100.2%
Miscellaneous	20.5	31.4		180.7	181.0
Total Non-Tax Revenue	57.0	58.0	1.0	778.4	722.6	(55.8)	92.8%

Total All Revenue	$2,011.7	$1,856.4	$(155.3)	$12,069.8	$11,333.3	$(736.5)	93.9%

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Tax Revenue

Non-Tax Revenue