2023-2024 Fiscal Year Ends with State Collections on Target   

The Independent Fiscal Office and state Department of Revenue released the revenue reports for June and the commonwealth’s year-end reports for fiscal year 2023-2024. The state collected $3.63 billion in general fund revenues for June, -1.3% below the IFO’s official estimate. For the fiscal year 2023-2024, which ended on June 30, total collections were $45.47 billion, 0.6% above the IFO estimate. Monthly personal income tax collections were above estimate due to higher than expected withholding and quarterly payments, while fiscal year withholding was just 0.2% below estimate.  

The Motor License Fund received $308.9 million in June, $37.1 million above estimate, which includes liquid fuels taxes and other license, fine, and fee revenues. For the fiscal year end, the Motor License Fund is at $3.2 billion, 1.4% above estimate. Click here for the IFO report and here for Revenue’s press release.