State Revenues Continue to Exceed Estimates    

The Independent Fiscal Office (IFO) and state Department of Revenue have released November 2021 revenue reports. State General Fund collections totaled $6.6 billion and were 3.9% higher than estimates. The overage was primarily due to stronger-than-anticipated sales and use tax revenues. Corporate net income tax, personal income tax, inheritance tax, and realty transfer tax revenues all exceeded estimates. Overall collections for the fiscal year-to-date are higher than expected ($1.2 billion, or 6.8% above estimate). November non-tax revenues included $3.84 billion from the Coronavirus State Fiscal Recovery Fund. 

The Motor License Fund received $253.1 million in November, $4.7 million above estimate. The fund includes liquid fuels taxes and other license, fine, and fee revenues. Motor License collections for the fiscal year-to-date total $1.2 billion, 4% above estimate.        

Click here for the Independent Fiscal Office report. View the state Department of Revenue press release here.