State Collections Below Estimates for December  

At the midpoint in the state fiscal year, the Independent Fiscal Office and State Department of Revenue have released the revenue reports for December. The state collected $3.7 billion in general fund revenues for December, 4.7% below the IFO’s official estimate, driven by a shortfall in corporate net income and personal income tax collections. Fiscal year-to-date revenues now fall below the IFO’s expectations by 0.4%. 

The Motor License Fund received $235.7 million in December, $15.4 million above estimate, which includes liquid fuels taxes and other license, fine, and fee revenues. Year to date, the Motor License Fund is at $1.6 billion, 0.3% above estimate. Click here for the IFO report and here for Revenue’s press release.