State Revenues Continue to Exceed Estimates
The Independent Fiscal Office (IFO) and state Department of Revenue have released September 2021 revenue reports. State General Fund collections totaled $4 billion and were $551 million, or 16%, higher than estimates. The increase is due to strength in corporate net income tax, sales and use tax, and personal income tax revenues. Realty transfer tax revenue also continues to exceed estimates and is up 9.8% for the fiscal year-to-date. Overall collections for the fiscal year-to-date are higher than expected ($714.5 million, or 8.3% above estimate).
The Motor License Fund received $236.8 million in September, $20 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 $729.8 million, 3.2% above estimate.
Click here for the Independent Fiscal Office report. View the state Department of Revenue press release here.