State Fiscal Year Begins With Surplus

The Independent Fiscal Office and state Department of Revenue have released the revenue reports for the first month of the new fiscal year. Estimates haven’t been finalized yet so actuals are compared against the same time in 2022. The state collected $2.9 billion in General Fund revenues for July, 6.9% over July 2022. Personal income tax collections were up 8.5% over July 2022 and sales tax was up 4.8%. 

The Motor License Fund received $272 million in July, which includes liquid fuels taxes and other license, fine, and fee revenues.  Click here for the IFO report and  here for Revenue’s press release.      

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