The monthly revenue report of August 2013 state tax collections was released today.
State general fund revenues were $951.2 million, $51.2 million (5.1%) below the target based on the most recent forecast updated on April 16, 2013.
Absent the redirection of sales tax under HEA 1001-2013, total collections would have been $957.0 million, $45.4 million (4.7%) below the forecast target. Sales tax collections overall were $17.5 million below forecast, but $13.3 million above collections for August 2012.
Individual income tax collections totaled $305.5 million for the month, $42.9 million (12.3%) below forecast and $3.3 million (1.1%) below collections for the same month last year.
Corporate income tax collections were $8.8 million above forecast and 36.1% above collections for the same month last year.
Gaming revenues were $1.9 million (7.2%) above target.
Through the first two months of FY 2014, state general fund revenues were $65.5 million below target based on the most recent revenue forecast updated on April 16, 2013. State general fund revenues were 3.3% lower than in the first two months of FY 2013.
HEA 1001–2013 redirected 1% of sales tax collections to the motor vehicle highway fund thereby reducing general fund collections by $11.7 million for the first two months. Absent that change, sales tax collections would have increased by 3.4% over the same period last year. The April 2013 forecast projected sales tax collections to grow by 3.9% for the year.
Individual income tax was $42.9 million below target for the month and $3.3 million below August 2012 collections. A transfer of $19.7 million to the LOIT reserve fund in August 2013 (there was no transfer in August 2012) resulted in a year-over-year reduction in individual income tax revenue. Without this transfer, August 2013 individual income tax revenue to the state general fund would have increased $16.4 million above August 2012. The $19.7 million transfer was made in accordance with the December 2012 revenue forecast. So far this fiscal year, $39.5 million has been transferred to the LOIT reserve fund.
Through the first two months of FY 2014, corporate income tax collections were $14.2 million (46.7%) above the forecast target and 2.5% above the same period last year.