August 2015 Fiscal Highlights

Home | August 2015 Fiscal Highlights

August 26, 2015
Joint Legislative Budget Committee

The JLBC Staff reports monthly to the Legislature on the status of General Fund revenue collections and other fiscal issues. See the full report here. Among the key points of the document:

  • July 2015 revenues exceeded the enacted budget forecast, which is a continuation of the revenue gains seen in the second half of FY 2015. Revenues collections during July were approximately $713.4 million, or $38.8 million above forecast.
  • Last month, JLBC Staff noted that at least $200 million of the previously estimated $322 million overage is expected to continue into FY 2016 and beyond. The magnitude of this ongoing gain may now be approximately $250 million of the updated $381 million revenue overage.
  • Sales Tax (preliminary) collections of $348.7 million were 2.9% above July of last year and $(2.2) million below the forecast for the month.
  • Individual Income Tax net revenues were $331.0 million in July, which were $23.0 million above the prior year and $26.9 million above the forecast for the month.
  • Corporate Income Tax net collections were $27.4 million in July, which was $14.9 million more than July of the prior year. Collections for the month were $14.1 million above the forecast.

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