Updates About Revenue Reports

The Senate and House Fiscal Agencies reported state collections for February 2023. While the agencies found lower collections in February 2023 compared to 2022, the General Fund/General Purpose (GF/GP) revenues are above projections established at the January 2023 Consensus Revenue Estimating Conference (CREC).

According to the House Fiscal Agency, GF/GP collections for February 2023 totaled approximately $1.6 billion, which is $117 million less than February 2022. However, this total is $24.7 million above projections from January’s CREC. The School Aid Fund sits $23.3 million above January projections.

The Senate report showed GF collections were $99 million below SFA consensus revenue estimates while School Aid Fund collections were $6.2 million above consensus estimates.

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.