November 2015 Fiscal Highlights

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November 30, 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:

  • October General Fund revenues were $66.1 million above the enacted budget forecast. The majority of these gains were likely due to the tax amnesty program enacted in the FY 2016 budget.
  • The budget forecast assumed the amnesty program would generate $15 million in General Fund revenue during FY 2016. DOR has reported a preliminary estimate that the amnesty program generated $46 million.
  • Year-to-date, base General Fund revenues are 3.3% above the prior year, and are $124.4 million above forecast. Excluding the one-time tax amnesty, year-to-date revenues are $93 million above forecast.

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