Administration & Finance Secretary Eric Kriss and Revenue Commissioner Alan LeBovidge today announced that preliminary revenue collections for October were $1.073 billion, an increase of $139 million or 14.9 percent over last October.
Total tax collections for the fourth month of fiscal 2004 were $86 million above the revised October benchmark of $987 million. Year-to-date collections were $4.870 billion, an increase of $302 million or 6.6 percent. After four months, fiscal '04 collections are $218 million above the benchmark.
However, Kriss also announced that non-tax revenues were trending below expectations. Kriss said state Lottery revenue, federal reimbursements and other departmental collections were nearly $200 million below the previous budget estimates.
Year-to-date total revenue is $6.9 billion. That is $21 million or 0.3 percent over expectations.
State Lottery revenues show a growth of 1.7 percent. That is below the predicted 4.0 percent growth or $53 million less than expected. Federal reimbursements are trending down from projections; they are off from $130 million. Miscellaneous department collections also show a downward trend, $14 million short of projections.
Income tax collections for October totaled $609 million, an increase of $75 million or 14 percent over last October. Withholding tax collections totaled $576 million, an increase of $42 million or 7.9 percent. Sales and use tax collections were $328 million, up $6 million or 2.0 percent. Corporate and business tax collections outpaced last October when refunds were $73 million higher than collections.
Year-to-date income tax collections were $2.630 billion, an increase of $169 million or 6.9 percent. Year-to-date withholding tax collections were $2.304 billion, an increase of $84 million or 3.8 percent. Year-to-date sales and use tax revenues were $1.289 million, an increase of $11 million or 0.9 percent. Year-to-date corporate and business tax collections were $402 million, an increase of $160 million or 66.2 percent.
Monthly Revenue Report (PDF) (through October 31, 2003)
Monthly revenue, fiscal year-to-date revenue and actual tax collections.
State Revenue Recap (through October 31, 2003)