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State Revenues Receive Two Thumbs Up for FY 2016 Performance

July 8, 2016 Data Viz

Recent data from the Department of Administrative Services reveals that the General and Education Funds, two of the state’s main sources of revenue, experienced a banner year. Combined collections for these two funds in FY 2016, excluding one-time tax amnesty proceeds, were approximately 6 percent higher than what was yielded during the previous fiscal year, the strongest pace in about a decade. Furthermore, the state collected close to $100 million more than budget writers had projected, allowing the state to strengthen its Rainy Day Fund.

While there are nearly twenty revenue streams that comprise the General and Education Funds, only a small subset are the real engines of growth. Specifically, combined business taxes ($74 million), the meals and rooms tax ($19 million), and the real estate transfer tax ($20 million) accounted for practically all of the growth in FY 2016 ($128 million) compared to FY 2015.

The following data visualization is designed to help you understand the latest collections data. Within each tab, you can hover over each data point to view additional context. On the right side are seven radio buttons, which allow you to further investigate revenue trends by specific tax type or by total collections.

(To view data in full screen mode or on a mobile device, click here.)

 

 

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House Finance Committee Budget Boosts Education and Health Funding

5 Apr 2019

tree with coins

The House Finance Committee passed its version of the State Budget on Wednesday, April 3, recommending the full House adopt a plan to send significantly more money to local governments for education aid and add funding for State health services. The plan would fund these increases by using the current State surplus revenue in the State operating budget and expanding existing revenue sources while retaining added revenues proposed by the Governor. The Committee removed many of the Governor’s recommendations for one-time uses of surplus dollars and deployed most of those funds for budgeted services throughout the biennium. The House is scheduled to vote on the House Finance Committee’s amendment to the budget on April 11.