State Revenues Again Exceed Estimates
The Independent Fiscal Office (IFO) and state Department of Revenue have released August 2021 revenue reports. State General Fund collections totaled $2.6 billion and were $71.5 million higher than estimates due to corporate net income and sales and use tax revenues. Overall collections for fiscal year-to-date are 3.2% higher than expected ($163.1 million over).
The Motor License Fund received $258.5 million in August, .1 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 $493 million, 0.5% above estimate.
Click here for the IFO report. View the Department of Revenue press release here.