State receipts continue on upward climb
Published 4:24 pm Monday, December 12, 2022
State Budget Director John Hicks reported Monday that General Fund receipts rose 5.3% in November compared to last year, while during the same time the Road Fund saw a 6.2% increase.
General Fund revenue for the month was $1,231.6 million, the third consecutive month it has surpassed $1 billion. Receipts have now risen 6.4 percent for the first five months of the fiscal year. When adjusting for the one-time legal settlement received in September of Fiscal Year 2022, General Fund receipts have risen 10.8% through the first five months of FY23.
“November and year-to-date collections continue to exceed the budgeted revenue estimates,” said State Budget Director John Hicks. “The 5.3% growth rate for the month was spearheaded by 9.4% growth in sales and gross receipts taxes. In addition to the 8.5 percent growth in the sales and use tax, many of the excise taxes had strong, double-digit months of growth. Individual income tax receipts were mixed as solid withholding growth of 3.4% was offset by refunds distributed to taxpayers following the October 15 deadline for extended filers.”