May 26, 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:
- April General Fund revenues were 7.9% above the prior year, and were $33.8 million above the enacted budget forecast.
- The April revenue forecast had anticipated substantial growth due to a technical timing factor. Most Individual Income Tax refunds are processed on Wednesday of each week, and there was one fewer Wednesday in April 2016 than in April 2015. By distributing fewer refunds, state revenues increased on a year-over-year basis.
- April revenues are typically influenced by the level of estimated and final Individual Income Tax payments, which can be fueled by unexpected levels of capital gains. April 2016, however, saw relatively muted payment growth of 2.1%.
- April forecast gains were primarily generated by the Insurance Premium Tax and Lottery proceeds.
- Year-to-date, base General Fund revenues are 3.7% above the prior year, and are $60.6 million above the enacted forecast.