State Fiscal Year Ends….Big Surplus…No New Budget   

Another state budget deadline has come and gone without a new budget in place by the legal deadline. Can you imagine what would happen if local government did that? 

The Independent Fiscal Office and state Department of Revenue have released the 2022-2023 fiscal year end revenue reports. The state collected $285.3 million in General Fund revenues for June, 8.4% above IFO’s official estimate. Fiscal year-to-end collections total $44.92 billion, or 6.5% above IFO’s estimate. The June overage was primarily due to higher than anticipated corporate net income tax (34.3% more than expected), non-motor sales and use tax, and Treasury collections.  

The Motor License Fund received $252.1 million in June, $3.4 million above estimates. Fiscal year-end revenues are 1.4% above estimates. The fund includes liquid fuels taxes and other license, fine, and fee revenues. Click here for the IFO report and here for Revenue’s press release.