Updates About Revenue Reports

The Senate Fiscal Agency (SFA) released a new report, highlighting that the state’s General Fund tax collections were above projections while the School Aid Fund tax collections sat below projected levels in December 2022.

The SFA reported that the General Fund taxes were almost $95 million above projections estimated at the May 2022 Consensus Revenue Estimating Conference (CREC) for the month of December. School Aid Fund taxes were $19.3 million below May forecasts.

However, for year-to-date collections, the General Fund was $39.2 million lower than expected and the School Aid Fund was $50.4 million higher than the May projections.

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.