The Independent Fiscal Office (IFO) and state Department of Revenue have released October 2021 revenue reports. State General Fund collections totaled $2.8 billion and were $233.6 million, or 9.1%, higher than estimates. The increase is due to inflation causing stronger than expected sales and use tax and corporate net income tax revenues. Overall collections for the fiscal year-to-date are higher than expected ($788.2 million, or 7.0% above estimate).
The Motor License Fund received $230.8 million in October, $19.9 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 $960.6 million, 4.6% above estimate.