July 2016 Fiscal Highlights

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July 21, 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:

  • June General Fund collections were $(18) million below forecast, mostly due to modest losses in the Individual and Corporate Income Tax categories.

  • With the state's Fiscal Year 2016 ending on June 30th, this Monthly Fiscal Highlights reports on the preliminary status of the FY 2016 results.

  • Total FY 2016 General Fund revenues were 5.0% above the prior year and $25 million above the enacted budget forecast. Excluding Urban Revenue Sharing and one-time fund transfers, General Fund collections increased by 3.2% during the year.

  • Based on preliminary spending data from ADOA, FY 2016 General Fund spending is estimated to be 3.0% above FY 2015 and $28 million greater than anticipated. Each year's budget has an anticipated level of unspent appropriations, otherwise known as "revertments". The level of revertments appears to be lower than forecast.

  • At the end of the Regular Session, FY 2016 was projected to have an ending balance of $225 million. Given higher than projected revenues of $25 million, being offset by higher than expected spending of $28 million, the JLBC Staff is currently estimating the FY 2016 ending balance to be $222 million. This number, however, will not be finalized for several months.

  • The enacted May budget had a projected FY 2017 ending balance of $66 million. Given that the preliminary FY 2016 results were close to target, the FY 2017 balance projection remains unchanged at this time.

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