|
Table 1. FY 2006 General Fund Revenue Collections
(Compared with the Budgeted Estimate) |
| |
|
|
Above Target |
|
Below Target |
|
| State |
Through January 2006 |
Through February 2006 |
Millions |
Percentage |
On Target |
Millions |
Percentage |
Comment |
Alabama |
|
x |
$30.0 |
6.5% |
|
|
|
General fund collections are above estimate primarily due to oil and gas severance tax receipts. Revenues to the Education Trust Fund also are above budgeted estimates. |
Alaska |
|
x |
$1,300.0 |
50.0% |
|
|
|
|
Arizona |
x |
|
$488.0 |
10.5% |
|
|
|
|
Arkansas |
|
x |
$237.4 |
6.2% |
|
|
|
|
California |
|
x |
$4,384.0 |
8.5% |
|
|
|
Extremely strong personal income tax and corporate income tax payments. Cash-flow effects of 2005 amnesty programs are also contributing to the increase, as are higher audit collections. |
Colorado |
|
x |
$114.4 |
1.8% |
|
|
|
Allowable revenues can increase because of Referendum C, which relaxed the state's fiscal limit. |
Connecticut |
x |
|
$606.3 |
4.3% |
|
|
|
|
Delaware |
|
x |
$230.0 |
7.7% |
|
|
|
|
Florida |
x |
|
$185.2 |
0.7% |
|
|
|
|
Georgia |
|
x |
$956.0 |
9.9% |
|
|
|
|
Hawaii |
|
x |
$390.0 |
9.8% |
|
|
|
|
Idaho |
|
x |
$50.0 |
2.5% |
|
|
|
|
Illinois |
|
x |
$424.0 |
1.6% |
|
|
|
|
Indiana |
|
x |
$50.1 |
0.4% |
|
|
|
|
Iowa |
|
x |
$127.0 |
2.3% |
|
|
|
|
Kansas |
|
x |
$73.1 |
2.3% |
|
|
|
|
Kentucky |
|
x |
$108.0 |
2.2% |
|
|
|
|
Louisiana |
x |
|
|
|
x |
|
|
On Oct. 28, 2005, the revenue estimate was revised downward by $970 million (12.7%). It was revised upward on Feb. 17 by $402 million (6%). As of the March 2006 fiscal status (yet to be adopted), the Feb. 17 revenue revisions should result in a FY 2006 budget surplus. Targeted program expenditures will likely absorb that surplus during the current fiscal year. |
Maine |
|
x |
|
|
x |
|
|
|
Maryland |
|
x |
x |
x |
|
|
|
The budgeted revenues were revised in September and again in December. Maryland does not track monthly revenues relative to the budgeted estimate, only in relation to the most recent (December) estimate, which was $766.5 million higher than the budgeted estimate. Since revenues are currently coming in ahead of the December estimate, they would clearly be significantly above the budgeted estimate. |
Massachusetts |
|
x |
$800.0 |
3.2% |
|
|
|
|
Michigan |
|
x |
|
|
x |
|
|
|
Minnesota |
|
x |
N/R |
N/R |
|
|
|
FY 2006 revenues are down $156 million, but up $281 million for FY 2007. In actuality, revenues are up in both fiscal years, but all new health impact fee revenue for FY 2006 and FY 2007 will be counted as revenue in FY 2007, rather than in the year collected, due to a court appeal. For the biennium, revenues are up $125 million (0.04% of the general fund budget). |
Mississippi |
|
x |
$158.5 |
6.7% |
|
|
|
Collections through February are above the original sine die estimate for FY 2006. |
Missouri |
|
x |
N/R |
N/R |
|
|
|
Revenues are above the budgeted estimate, but the amount and percentage are unavailable. |
Montana |
|
x |
N/R |
N/R |
|
|
|
In the three months since the estimates were revised, the outlook for collections is up slightly, but no specific estimate is provided as it is not based on a reliable trend. The overall trend for general fund revenues appears strong. |
Nebraska |
|
x |
$141.7 |
7.2% |
|
|
|
The budgeted estimate was as of June 2005. There have been two upward revisions in forecasts since that time, the most recent in February 2006. This last forecast is consistent with year-to-date performance through February 2006. |
Nevada |
x |
|
$70.6 |
5.6% |
|
|
|
Collections for the state's six largest revenue sources for the first six months of FY 2006 are $70.6 million higher than projected. These six sources represent 88% of total general fund revenues. |
New Hampshire |
|
x |
$40.4 |
3.9% |
|
|
|
|
New Jersey |
x |
|
$300.0 |
3.0% |
|
|
|
|
New Mexico |
x |
|
$650.0 |
14.0% |
|
|
|
Income taxes have been stronger than expected. Oil and gas revenues continue to be strong. |
New York |
|
x |
$2,500.0 |
5.0% |
|
|
|
|
North Carolina |
|
x |
$254.0 |
2.4% |
|
|
|
|
North Dakota |
|
x |
$109.3 |
18.4% |
|
|
|
|
Ohio |
|
x |
$101.5 |
0.8% |
|
|
|
This information reflects state own-source receipts (tax revenues, non-tax revenues and fund transfers). |
Oklahoma |
x |
|
$166.1 |
3.3% |
|
|
|
|
Oregon |
x |
|
$190.0 |
8.0% |
|
|
|
|
Pennsylvania |
|
x |
$291.7 |
2.0% |
|
|
|
|
Rhode Island |
|
x |
|
|
|
$9.8 |
-0.5% |
As of Feb. 28, 2006, the year-to-date revenue from the personal income tax was $620.6 million; as of Feb. 28, 2005, the figure was $620.8 million. |
South Carolina |
x |
|
$425.0 |
7.0% |
|
|
|
|
South Dakota |
|
x |
$10.3 |
1.9% |
|
|
|
|
Tennessee |
|
x |
$75.3 |
1.4% |
|
|
|
|
Texas |
|
x |
$2,526.5 |
14.1% |
|
|
|
General revenue fund estimates and collections are approximate. |
Utah |
|
x |
|
|
x |
|
|
|
Vermont |
|
x |
$7.9 |
0.7% |
|
|
|
This is the amount above the revised January 2006 general fund forecast. Transportation fund revenues are below target by $1.3 million (0.6%). |
Virginia |
|
x |
x |
x |
|
|
|
Comparisons to the budgeted estimate are not meaningful because the forecast has been revised upward. |
Washington |
|
x |
$1,490.0 |
6.0% |
|
|
|
This is the cumulative increase since February 2005, when the estimate was used to build the 2005-07 appropriation. |
West Virginia |
|
x |
$18.0 |
0.8% |
|
|
|
|
Wisconsin |
|
x |
|
|
x |
|
|
|
Wyoming |
x |
|
$47.8 |
11.2% |
|
|
|
|
Numberof States |
11 |
39 |
44 |
|
5 |
1 |
|
|
N/R= No response (the information is not available)
Source: National Conference of State Legislatures, March 2006. |
