The state says delays in income tax payment processing and a repeal of the utility receipts tax and utility services use tax were among the reasons general fund revenues for September fell short of forecasts.
The State Budget Agency reported general fund revenues for September totaled $1,879 million, which was $81.9 million or 4.2% below December 2021 revenue estimates and $29.7 million or 1.6% below revenue in September 2021.
The state said there were some bright spots including better than-expected collections from sales tax, corporate adjusted gross income tax, insurance, and interest.
The state estimates $64 million of individual income tax collections and $6 million of corporate tax collections will be reported in October instead of September. Excluding this processing delay, general fund revenues for September would have totaled $1,949.6 million, which would have been $11.2 million or 0.6% below December 2021 estimates but $40.9 million or 2.1% above revenue in September 2021, the state said.
Sales tax collections totaled $884.3 million for September, which was $27.2 million or 3.2% above the monthly estimate and $53.1 million or 6.4% above revenue in September 2021.
Individual income tax collections totaled $636.7 million for September, which was $79 million or 11% below the monthly estimate and $49.6 million or 7.2% below revenue in September 2021.
Corporate tax collections totaled $233.5 million for September, which was $44.8 million or 16.1% below the monthly estimate and $39.2 million or 14.4% below revenue in September 2021.
Riverboat wagering tax collections totaled $7.1 million for September, which was $10.2 million or 58.7% below the monthly estimate and $12.6 million or 63.9% below revenue in September 2021.
Year-to-date general fund revenues totaled $4,911.3 million, which was $118.2 million or 2.5% above the December 2021 revenue forecast and $291.4 million or 6.3% above revenues through the same period in the prior fiscal year.
