The Independent Fiscal Office and state Department of Revenue have released November 2022 revenue reports. The state collected $2.8 billion in November, the fifth month of the fiscal year, 4.5% below IFO’s official estimate. Fiscal year-to-date general fund collections total $15.7 billion, or 4.9% above IFO’s estimate. The monthly shortage is attributed to a delay in depositing personal income tax revenue due to a change in Revenue’s computer systems.
The Motor License Fund received $257.2 million in November, $7.9 million above estimates. Year-to-date revenues are 1.4% 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.