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April revenues exceed estimates by more than $1B

Written on May 6, 2022

Provided by Hannah News Service 

Preliminary revenue data released Thursday by the Office of Budget and Management (OBM) for April show the state finished the month $1 billion or 45.6% over estimates, bringing in a total of $3.3 billion compared to estimated revenue of nearly $2.3 billion. This excess revenue was driven by personal income tax (PIT) receipts of nearly $894.7 million or 89.2% over estimates for April. 

The PIT brought in a total of nearly $1.9 billion as opposed to estimated revenue of $1.0 billion for the month. OBM attributes the large variance to "stronger than anticipated payments from annual tax return filings." 

All other major sources of General Revenue Fund dollars were also over estimates. 

The non-auto sales tax was approximately $115.7 million or 12.7% over estimates for the month while the auto sales tax ran nearly $20.1 million or 11.6% over estimates for a total of $135.7 million or 12.5% over estimates. Both categories of sales tax brought in a total of $1.2 billion compared to a revenue estimate of nearly $1.1 billion. 

In addition, the Commercial Activity Tax performed above estimate by nearly $26.7 million or 37.5%, bringing in a total of nearly $97.8 million for the month, compared to an estimate of $71.1 million. 

The cigarette tax, however, was under estimates by approximately $2.2 million or 3.1%, bringing in $68.4 million as opposed to the estimated revenue of $70.6 million. 

So far, through 10 months of FY22, the state has collected a total of nearly $22.9 billion or 12% over the estimated revenue of nearly $20.5 billion. Compared to this time in FY21, the state has collected nearly $2.1 billion more than was collected through April 2021.