The State’s General Fund, Transportation Fund, and Education Fund receipts for November were a combined $219.8 million, missing the $225.8 million monthly consensus target by -$6.0 million, or -2.7%. Year-to-date combined receipts are $19.2 million, 1.6%, above their $1,231.7 million target, Administration Secretary Kristin Clouser reported Thursday, December 21.
General Fund revenues for November totaled $138.8 million, -$7.0 million, or -4.8%, below the $145.8 million monthly consensus cash flow target. Corporate Income Tax receipts, Health Care Taxes, Meals and Rooms Taxes, Insurance Taxes, Liquor Taxes and the net Other receipts category surpassed their combined targets by $3.0 million. These positive gains were offset by a combined -$9.9-million-dollar underperformance by the Personal Income Tax, Estate Tax and net Property Transfer Tax. Year-to-date receipts are $24.5 million, 3.1%, above their $791.2 million target.
Revenues in the Transportation Fund missed their $22.1 million November consensus target by -$2.1 million, or -9.6%, yielding only $20.0 million. None of the individual revenue categories achieved their consensus monthly targets except for a marginal $0.2 million positive performance by the Other Fees category. Year-to-date receipts are -$7.0 million, -5.6%, below their $125.4 million target.
Monthly Education Fund revenues of $60.9 million were $3.1 million, 5.3%, above their November $57.9 million cash flow target. The $3.8 million of combined receipts from the Sales & Use Tax, Meals and Rooms Tax, Lottery Transfer and Interest Earnings above their respective targets were offset by a -$0.7 million underperformance by the Motor Vehicle Purchase and Use Tax. Year-to-date receipts are $1.7 million, 0.6%, above their $315.1 million target.
According to Clouser: “The General Fund remains above yearly consensus targets in the face of multiple economic uncertainties; however, whether its current revenue surplus will carry through to year end or be consumed by a downturn during the second half of the year, remains to be seen.”