Updates About Revenue Reports

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.

The Senate and House Fiscal Agencies reported 14.9 percent higher revenue collections in 2021-2022 than the previous fiscal year, according to the most recent October revenue update issued by those agencies.

According to the House Fiscal Agency, collections were $4.6 billion higher than the previous fiscal year with General Fund (GF) collections at $1.6 billion above the projected amount and School Aid Fund at $317.9 million above consensus estimates for the fiscal year. The Senate report showed similar numbers with the GF collections at $1.5 billion above consensus estimates and School Aid Fund collections at $414.7 million above consensus estimates. However, the agency stated that the above-consensus GF collections are likely to be partially offset by individual income tax refunds that came in below forecast.

The House and Senate Fiscal Agency issued their September revenue reports, once again showing higher revenues when compared to 2021 collections.

The Senate Fiscal Agency reported that revenues from taxes with the General Fund and School Aid Fund earmarks totaled $3.8 billion, which is a 13.4 percent increase from September 2021. Tax collections for the month were reported at $476.4 million above estimated levels from the May 2022 Consensus Revenue Estimating Conference.

The House Fiscal Agency reported cash collections from major taxes, penalties, interest, and lottery transfers totaled approximately $3.8 billion for September 2022, $464.9 million more than July 2021. For fiscal-year-to-date, collections were reported 15.9 percent higher in FY 2021-22 compared to FY 2020-21.