Hannah News Service 

The Office of Budget and Management (OBM) reported Friday that preliminary estimates of November’s revenues show them coming in nearly 3% below estimates. Specifically, the state was nearly $76.9 million or 2.9% below estimates for the month. 

The state, however, continues to run ahead of estimates for FY25 by nearly a half billion dollars or $493.6 million for 4.4% over estimates. 

The total revenue for November 2024 was $2.612 billion as opposed to the projected income of $2.689 billion. However, this is still $76.3 million more than was collected in November 2023 which saw the state pull in $2.536 billion. 

All of the shortfall can be accounted for by a dip in the nonauto sales tax of $94.6 million or 8.3% for the month. OBM says this “outcome reflects a larger distribution of September local sales tax receipts than initially anticipated. As previously reported by OBM, the expanded sales tax holiday had a smaller impact on tax revenues than forecast. This dynamic impacted the November distribution of September local sales taxes to counties and transit authorities.” 

Also falling below estimates for the month was the Commercial Activity Tax (CAT) which brought in $496.9 million as compared to an expected $534.3 million. However, the CAT is still ahead of estimates for the year by nearly $19.8 million, bringing in a total of nearly $1.152 billion so far this fiscal year. 

The Personal Income Tax exceeded estimates for the month by $31.1 million or 4.2 percent, bringing in a total of $776.8 million. For the year to date, the income tax totals nearly $4.1 billion, running $28.8 million below estimates. 

For the year, the state has collected nearly $11.7 billion. This is $316.4 million less than had been collected this time last year. 

“November was another steady month for state revenues as we continue to see receipts normalize throughout the fiscal year,” said OBM Director Kimberly Murnieks in a prepared statement.