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Common Cents Blog

Year-End and July Revenues Show Surplus, Raise Questions About Business Taxes

14 Aug 2018

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State revenues continue to come in strong, with unaudited numbers from last year and new numbers from July both showing revenue growth. Preliminary accrual figures for State fiscal year 2018, which ended June 30, 2018, showed General and Education Trust Fund revenues were over the prior year’s figures by $168.3 million (7.0 percent). July revenues were pushed above the State Budget’s planned amount by $8.7 million (8.0 percent), including a larger surplus amount attributable to solely business tax receipts. However, several other major revenue sources were down between last year and the year before, and July’s revenues continued to show weakness in a few key areas and raise ongoing questions regarding elevated business tax receipts.