April 22, 2016
Joint Legislative Budget Committee
The JLBC Staff reports monthly to the Legislature on the status of General Fund revenue collections and other fiscal issues. See the full report here. Among the key points of the document:
- March General Fund revenues were 17.0% above the prior year, and were $(5.0) million below the Baseline forecast.
- The large overall increase was entirely due to one-time fund transfers which were enacted as part of the FY 2016 budget. Excluding those transfers, the state's ongoing revenues were essentially unchanged from the prior year.
- Two of the state's large revenue categories (Individual Income Tax and Insurance Premium Tax) posted significant changes from March 2015, but only due to technical timing reasons.
- In total, year-to-date for FY 2016 base General Fund revenues are 3.0% above the prior year, and are $27.0 million above the Baseline forecast.