State
Budget Nearly $300 Million Below Target
Two-thirds of the Shortfall Stems from
Lower-than-Expected Individual Income Tax
Collections
Individual
income taxes came in nearly $192 million less
than expected in April and are now more than $208
million below target for the fiscal year,
according to figures released to NCCBI by the
State Controller's office. As the chart below
indicates, the General Fund overall is almost
$300 million below target through 10 months of
the fiscal year. Strong corporate income tax
collections, which are almost $90 million more
than anticipated at this point in the year, are
helping offset disappointing results elsewhere in
the budget.
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|
Revenue Source
in millions of dollars
|
Projected
Monthly
Budget
|
Actual
Budget
Collections
|
Variance
|
Projected
Collections,
Y-T-D
|
Actual
Collections,
Y-T-D
|
Variance
|
| Individual income
tax |
$1,229.2
|
$1,037.5
|
–191.7 |
$6,180.2 |
$5,971.8 |
–208.4 |
| Corporate income
tax |
89.3 |
45.0 |
–44.3 |
636.5 |
726.1 |
89.6 |
| Sales and use |
310.3 |
294.2 |
–16.1 |
2,803.0 |
2,768.3 |
–34.7 |
| Franchise |
61.2 |
24.8 |
–36.4 |
392.4 |
281.5 |
–110.9 |
| Insurance |
80.6 |
63.4 |
–17.2 |
218.8 |
200.3 |
–18.5 |
| Beverage |
15.1 |
16.4 |
1.3 |
135.1 |
139.8 |
4.7 |
| Inheritance |
10.0 |
8.9 |
–1.1 |
117.5 |
145.8 |
28.3 |
| Soft drink |
–– |
-- |
-- |
1.5 |
1.3 |
–0.2 |
| Privilege license |
5.0 |
5.3 |
0.3 |
25.6 |
35.2 |
9.6 |
| Tobacco products |
3.5 |
3.8 |
0.3 |
35.8 |
36.0 |
0.2 |
| Real estate
conveyance |
–1.6 |
–1.6 |
0.0 |
6.7 |
6.7 |
-- |
| Gift |
16.9 |
18.1 |
1.2 |
19.4 |
22.1 |
2.7 |
| White goods
disposal |
–0.6 |
–0.6 |
0.0 |
0.4 |
0.4 |
-- |
| Scrap tire
disposal |
–1.5 |
–1.5 |
0.0 |
0.9 |
0.9 |
-- |
| Piped natural gas |
3.8 |
4.8 |
1.0 |
25.9 |
31.8 |
5.9 |
| Other |
- |
0.1 |
0.1 |
–– |
0.2 |
0.2 |
| Total Tax
Revenue |
$1,821.2 |
$1,518.6 |
–302.6 |
$10,599.7 |
$10,368.2 |
–231.5 |
| |
|
|
|
|
|
|
| Non-tax
Revenue |
|
|
|
|
|
|
| Treasurer's
investment |
18.0 |
8.8 |
–9.2 |
201.7 |
173.2 |
–28.5 |
| Judicial fees |
11.1 |
7.4 |
–3.7 |
105.8 |
84.6 |
–21.2 |
| Insurance |
9.9 |
-- |
–9.9 |
33.3 |
12.4 |
–20.9 |
| Disproportionate
share |
-- |
-- |
-- |
105.0 |
105.0 |
-- |
| Highway Fund
transfer |
-- |
-- |
-- |
10.2 |
10.2 |
-- |
| Highway Trust Fund
transfer |
-- |
-- |
-- |
170.0 |
170.0 |
-- |
| Other |
8.8 |
15.1 |
6.3 |
98.7 |
101.1 |
2.4 |
| Total
Non-tax Revenue |
47.8 |
31.3 |
–16.5 |
724.7 |
656.5 |
–68.2 |
| |
|
|
|
|
|
|
| Grand
Total |
$1,869.0 |
$1,549.9 |
–319.1 |
$11,324.4 |
$11,024.7 |
–299.7 |
|
|
|
