State Revenues Exceed Projections Yet Again 

The Independent Fiscal Office and state Department of Revenue have released October 2022 revenue reports. The state collected $1.3 billion in October, the fourth month of the fiscal year, 9.7% above IFO’s official estimate. Fiscal year-to-date general fund collections total $12.9 billion, or 7.1% above estimate. The monthly overage is attributed primarily to stronger than anticipates sales and use tax and personal income tax collections caused by high inflation.

The Motor License Fund received $217.6 million in October, $0.7 million below estimates. Year-to-date revenues are 0.9% above estimates. The fund includes liquid fuels taxes and other license, fine, and fee revenues. Click here for the IFO report and for Revenue’s press release.