The Senate and House Fiscal Agencies reported four percent higher revenue collections in 2022 than in 2021, according to the most recent November revenue update issued by those agencies.
According to the House Fiscal Agency, collections were $99.3 million higher than the previous fiscal year with General Fund (GF) collections at $59.9 million below projections established at the May Consensus Revenue Estimating Conference, caused by larger-than-expected income tax refunds. The Senate report showed GF collections were $134 million below consensus estimates while School Aid Fund collections were $69.7 million above consensus estimates.
The January Consensus Revenue Estimating Conference will occur on January 13, 2023. This will be the first of two conferences that inform decisions made around the state budget.