June 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:
- May General Fund revenues were 4.6% above the prior year, and were $(17.6) million below the enacted budget forecast.
- Individual Income Tax grew by 19.6% during May, based on significant growth in withholding collections. This high growth rate was due to technical reasons, as the Department of Revenue discovered that certain withholding revenues from earlier in the year had not been reported so far. This entire amount was recognized in the May results, causing the strong growth in Individual Income Tax for the month.
- In contrast, Corporate Income Tax collections declined by (39.6)% during May. This significant decline is likely the result of the reduction in the Corporate Income Tax rate.
- Year-to-date, base General Fund revenues are 3.7% above the prior year, and are $43.3 million above the enacted forecast.