The House Fiscal Agency released its latest monthly revenue report, outlining the collections for the month. Additionally, as October marked the end of the 2022-2023 Fiscal Year, the report laid out the collections for the fiscal year and how they lined up to the prior fiscal year.
2022 – 2023 Fiscal Year:
- Cash collections declined 4.9% from the prior fiscal year.
- Gross income tax collections declined $1,656.8 million from the prior fiscal year due to the new flow through entity tax.
- Consumption tax revenue also declined from the prior fiscal year by $109.9 million.
- Sales tax collections came in 0.7% less than the prior month.
- General Fund/General Purpose revenue from major taxes for October was $169.2 million below prior projections, while cash collections came in $61.5 million under prior estimates.
- School Aid Fund revenue from major taxes was $93.7 million less than prior estimates.
- Cash collections last month totaled $3,860.3 million, an increase of $117.6 million from October 2022.
To read the full report by the House Fiscal Agency, please click here.