IFO: August State Revenues $147M Ahead Of 2015, But Slightly Below For Fiscal Year

The Independent Fiscal Office Thursday reported the Commonwealth collected $2.02 billion in General Fund revenues for August, an increase of $147.7 million (7.9 percent) compared to August 2015.

Fiscal year-to-date revenues were $3.99 billion, a decrease of $14.8 million (-0.4 percent) from the prior year and $73.6 million or 1.8 percent below estimates for FY 2016-17.

Click Here for a copy of the IFO August 2016 trends report.

On Friday, the Department of Revenue reported these additional details on August revenues--

Sales tax receipts totaled $790.8 million for August, $51.9 million below estimate. Year-to-date sales tax collections total $1.7 billion, which is $51.9 million, or 3 percent, less than anticipated.

Personal income tax revenue in August was $893.7 million, $18.2 million below estimate. This brings year-to-date PIT collections to $1.7 billion, which is $18.3 million, or 1.1 percent, below estimate.

August corporation tax revenue of $44.8 million was $11.9 million below estimate. Year-to-date corporation tax collections total $111.2 million, which is $12 million, or 9.7 percent, below estimate.

Inheritance tax revenue for the month was $81.8 million, $5.9 million above estimate, bringing the year-to-date total to $158.8 million, which is $5.8 million, or 3.8 percent, above estimate.

Realty transfer tax revenue was $45.3 million for August, $8.9 million below estimate, bringing the fiscal-year total to $77.8 million, which is $9 million, or 10.4 percent, less than anticipated.

Other General Fund tax revenue, including cigarette, malt beverage, liquor and table games taxes, totaled $139.4 million for the month, $700,000 above estimate and bringing the year-to-date total to $244.9 million, which is $700,000, or 0.3 percent, above estimate.

Non-tax revenue totaled $19.6 million for the month, $11 million above estimate, bringing the year-to-date total to $58 million, which is $11 million, or 23.5 percent, above estimate.

In addition to the General Fund collections, the Motor License Fund received $236.1 million for the month, $1.8 million below estimate. Fiscal year-to-date collections for the fund – which include the commonly known gas and diesel taxes, as well as other license, fine and fee revenues – total $447.4 million, which is $1.9 million, or 0.4 percent, below estimate.