The Independent Fiscal Office and state Department of Revenue have released December 2022 revenue reports. The state collected $4 billion in December, the sixth month of the fiscal year, 11.9% above IFO’s official estimate. Fiscal year-to-date general fund collections total $19.7 billion, or 6.3% above IFO’s estimate. About half of the overage is attributed to an intentional shifting of depositing personal income tax revenue from November 30 to December 1.
The Motor License Fund received $203 million in December, $8.2 million above estimates. Year-to-date revenues are 1.8% 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.