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Revenues top estimates by $13.2M in first month of FY24

Written on Aug 11, 2023

The Office of Budget and Management (OBM) released July 2023 preliminary revenue data Monday. For this first month of FY24, total General Revenue Fund tax receipts finished $13.2 million (0.6%) above estimate. 

The two components of the sales tax, the non-auto and the auto, balanced each other out, with the non-auto sales tax collections coming in $26.1 million or 2.6% above the July estimate. However, the auto sales tax collections were -$26.1 million or 15.2% below estimate. Compared to FY23, the two sales tax categories this year brought in nearly $53.8 million more, for a total of nearly $1.2 billion for the month. 

Personal income tax (PIT) collections almost solely accounted for the month’s excess revenue, bringing in $11.6 million or 1.6% above the anticipated level. Compared to this time last year, the FY24 PIT has brought in nearly $17.5 million more for a total of $741.7 million. 

The Commercial Activity Tax exceeded estimates by $15.3 million or 15.2%. It brought in a total of nearly $115.9 million for the month. 

Other taxes that did not meet expectations were the cigarette and other tobacco tax, which fell $5 million below estimates, and the alcoholic beverage tax, which came in $894,000 below estimates, while the liquor gallonage tax was $88,000 below. 

Revenue totals for July 2023 were $60.6 million or 3% higher than in July 2022. 

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