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State general revenue in June drops $47M from year ago, but exceeds March forecast

by Michael R. Wickline | July 2, 2020 at 10:18 a.m.
FILE — The state Capitol is shown in this file photo.

The state’s general revenue collections in June declined by $47.1 million over a year ago to $696 million and exceeded the state’s March 23 forecast by $77.3 million.

Individual income tax collections declined by 7.9% last month from a year ago, while sales tax and use tax collections increased by 8.8% over a year ago and both exceeded the state’s March 23 forecast. They are the state’s two largest sources of general revenues.

June is the last month of fiscal year 2020 that ended Tuesday.

The state’s total general revenue collections in fiscal 2020 dropped by $176 million from fiscal 2019 to $6.9 million and exceeded the state’s March 23 forecast by $272.5 million.

The state’s net general revenues available to state agencies in fiscal 2020 dropped by $168 million from fiscal 2019 to $5.7 billion but exceeded the state’s March 23 forecast by $369.4 million.

The state increased on Tuesday its net general revenue forecast by $240 million to $5.62 billion and state officials expect to have more than $200 million in unallocated reserves.

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