October General Revenue Fund collections totaled nearly $417.8 million, exceeding the monthly estimate of $375.9 million by more than $41.9 million. Receipts were also 6.1% higher than last year’s October receipts. Year-to-date collections reached $1.789 billion, surpassing the year-to-date estimate of $1.686 billion by $102.9 million, and running 5.2% ahead of prior year collections.
“I’m encouraged by growth trends in consumer spending and personal income in recent months that have helped the state exceed estimates in general revenue collections,” said Governor Morrisey. “The positive trends over the last few months bode well as we prepare for the budget challenges ahead.”
Personal Income Tax collections totaled $167.3 million in October. October collections were $8.7 million above estimate. Year-to-date collections of $706.4 million were $38.6 million above the estimate and 0.6% above the prior year’s receipts. Current tax rates are nearly 6% lower than tax rates in place one year ago.
Consumer Sales Tax collections totaled $133.4 million in October. October collections were $0.2 million above the estimate and 6.7%, ahead of prior October collections. Cumulative collections of $623 million were $17.3 million above the cumulative estimate and 13.5% ahead of collections from the prior year. Cumulative collections included $39 million in receipts associated with a recently enacted law eliminating a payment acceleration requirement for certain Taxpayers. Adjusted year-to-date collections were 6% ahead of prior year’s receipts.
October General Revenue Fund Severance Tax collections totaled $18.6 million. September receipts were $24.3 million above estimate and $24.3 million more than prior October receipts. A $16.6 million reduction in revenue transfers was a major contributing factor to the monthly surplus. October severance tax distributions to local governments fell by 30% due to lower energy prices. Year-to-date General Revenue Fund collections of $100.8 million were $32.3 million, or 47.2%, ahead of the prior year’s receipts. Cumulative collections were $16.1 million above the cumulative estimate.
Insurance Premium Tax collections totaled $30.2 million in October and $63.4 million for the year-to-date. Cumulative collections were $1.9 million above estimate and 9.7% ahead of prior year receipts.
Corporation Net Income Tax collections of $17.5 million were $0.8 million below the estimate in October. Cumulative collections totaled $99.7 million, or $7.1 million above the $92.5 million estimate. Collections were 7.3% below prior year-to-date collections.
Interest Income totaled $12.9 million in October and $53.5 million for the year-to-date. Cumulative collections were $11.0 million above the estimate and 33.3% below prior year’s receipts due to a trend of lower interest rates.
Tobacco Excise Tax collections totaled nearly $12 million in September and $35.9 million for the year-to-date. Cumulative receipts were $3.3 million below estimate and 0.5% below prior year-to-date collections.
