April 4, 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:
- February General Fund revenues were 11.7% above the prior year, and were $38.4 million above the Baseline forecast.
- Individual income tax was $44.2 million above forecast in February, while all other tax categories were $(5.8) million below forecast.
- The primary driver of the Individual income tax overage was a $27.4 million gain from lower-than-expected refunds.
- However, in the middle of tax filing season it is difficult to draw any conclusions from the refund data. The refund gain may be due to the timing of tax return processing.
- In total, year-to-date for FY 2016 base General Fund revenues are 3.4% above the prior year, and are $31.9 million above the Baseline forecast.