The monthly revenue report of March 2011 state tax collections was released today.
- Total revenue collections were $977 million, $32 million above the revenue forecast recently updated in December 2010, but still $13 million below the amount assumed in the June 2009 budget as passed. Total revenue collections were $69 million above collections for the same period last year (+7.6%).
- Sales tax collections totaled $484 million for the month, $24 million (+5.1%) above collections for the same period last year.
- Individual income tax collections totaled $334 million for the month, $48 million (+16.9%) above collections for the same period last year. Payroll withholdings increased 9.1% compared to the same period last year.
Through the first nine months of FY 2011, state general fund revenues are now ahead of the recently updated forecast by $115 million (+1.3%). Revenues for FY 2011 now trail the May 2009 forecast, the basis for the budget that passed, by $335 million. Revenues for FY 2010 were $879 million less than the same May 2009 forecast upon which the budget was passed.
Sales tax collections have now increased on a year over year basis for thirteen consecutive months, with gains of more than 5% for seven of the past eight months. Sales tax collections have averaged 5% year over year growth for the first nine months of FY 2011.
For the first nine months of FY 2011, individual income tax collections have increased 16% compared to prior year, with payroll withholdings averaging growth of 6.2%.
April and June represent the state’s largest tax collection months, representing nearly 24% of the state’s projected annual revenues. The December 2010 revenue forecast will be updated on April 15, 2011.