|
State
Controller releases year-end budget numbers
Everyone
knew state revenues for the year ended June 30 would be way
below projections, but exactly how much has been a guessing
game. But the guessing ended this week when the state
Controller’s Office issued a preliminary (but usually
accurate) accounting for the month of June, the final month of
the fiscal year.
Gov. Mike Easley recently put the revenue shortfall at $840
million, but the Controller’s Office says revenues were
$608.3 million below target, an improvement that mostly can be
attributed to a $178 million windfall in individual income
taxes in June.
The state had expected to collect $551.3 million in individual
income taxes in June but actually tallied $729.3 million.
Other line items were down, but overall the state had a
positive position of $179.3 million for the final month of the
year. Individual income tax collections of $7.39 billion for
the whole year were $259.4 million below budget. Corporate
income tax collections of $689.5 million (net of transfers to
other accounts) were $229.2 million below budget, and sales
taxes of $3.43 billion were $181.2 million below budget. See
the chart on the next page.
The Controller’s Office wants us to emphasize that these
figures are preliminary and subject to change after a final
accounting. But we’ve never known them to be far wrong.
|
General
Fund
for the month
and fiscal year
|
Month
of June
|
12
Months Year to Date
|
|
|
Monthly
Budget
|
Actual
|
Variance
|
Monthly
Budget
|
Actual
|
Variance
|
|
|
|
Individual
Income
|
$551.3
|
$729.3
|
$178.0
|
$7,650.7
|
$7,391.3
|
$(259.4)
|
|
|
Corporate
Income
|
190.8
|
142.5
|
(48.3)
|
689.5
|
460.3
|
(229.2)
|
|
|
Sales
and Use
|
302.7
|
284.5
|
(18.2)
|
3,613.3
|
3,432.1
|
(181.2)
|
|
|
Franchise
|
(18.2)
|
(2.0)
|
16.2
|
500.5
|
580.4
|
79.9
|
|
|
Insurance
|
72.6
|
81.0
|
8.4
|
288.7
|
305.8
|
17.1
|
|
|
Beverage
|
17.5
|
18.2
|
0.7
|
174.0
|
172.7
|
(1.3)
|
|
|
Inheritance
|
12.7
|
7.9
|
(4.8)
|
152.7
|
123.2
|
(29.5)
|
|
|
Soft
Drink
|
—
|
0.1
|
0.1
|
—
|
0.1
|
0.1
|
|
|
Privilege
License
|
7.5
|
(14.3)
|
(21.8)
|
45.0
|
3.0
|
(42.0)
|
|
|
Tobacco
Products
|
3.5
|
3.8
|
0.3
|
42.4
|
42.0
|
(0.4)
|
|
|
Real
Estate Conveyance
|
(7.6)
|
(7.6)
|
—
|
—
|
—
|
—
|
|
|
Gift
|
0.4
|
0.4
|
—
|
28.1
|
20.3
|
(7.8)
|
|
|
White
Goods Disposal
|
(0.8)
|
(0.8)
|
—
|
—
|
—
|
—
|
|
|
Scrap
Tire Disposal
|
(1.8)
|
(1.8)
|
—
|
—
|
—
|
—
|
|
|
Freight
Car Lines
|
0.2
|
—
|
(0.2)
|
0.5
|
0.5
|
—
|
|
|
Piped
Natural Gas
|
(10.6)
|
(11.1)
|
(0.5)
|
28.3
|
37.2
|
8.9
|
|
|
Other
|
0.4
|
0.8
|
0.4
|
0.6
|
0.7
|
0.1
|
|
|
Miscellaneous
|
0.4
|
0.8
|
|
0.6
|
0.8
|
|
|
|
Total
Tax Revenue
|
$1,120.6
|
$1,230.9
|
$110.3
|
$13,214.3
|
$12,569.6
|
$(644.7)
|
|
|
|
|
|
Non-Tax Revenue
|
|
|
Treasurer's
Investments
|
17.9
|
14.5
|
(3.4)
|
214.0
|
170.9
|
(43.1)
|
|
|
Judicial
Fees
|
9.5
|
8.9
|
(0.6)
|
112.8
|
109.3
|
(3.5)
|
|
|
Insurance
|
8.2
|
5.6
|
(2.6)
|
42.1
|
23.4
|
(18.7)
|
|
|
Disproportionate
share
|
—
|
—
|
—
|
109.1
|
109.1
|
—
|
|
|
Highway
Fund Transfer
|
3.4
|
3.4
|
—
|
13.6
|
13.6
|
—
|
|
Hghwy
Trust Fund Transfer
|
—
|
—
|
—
|
170.0
|
170.0
|
—
|
|
|
Other
|
17.5
|
87.7
|
70.2
|
177.3
|
279.0
|
101.7
|
|
|
Non-Tax-Other
|
17.5
|
87.7
|
|
177.3
|
279.0
|
|
|
|
Total
Non-Tax Revenue
|
56.5
|
120.1
|
63.6
|
838.9
|
875.3
|
36.4
|
|
|
Total
Revenue
|
$1,177.1
|
$1,351.0
|
$173.9
|
$14,053.2
|
$13,444.9
|
$(608.3)
|
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