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State Revenue Trends
Monday, 15 November 2010

November 15--  Senator Jack Hill of Reidsville provides some insight into the state's revenue situation in his "Notes From The Senate" column.


The October state revenues continued the positive trend coming in at a positive gain of 8.2% or $92 million over October of 2009.  Of course we should always remember that this is a slight increase over a calamitous low water mark of one year ago.  But as they say in football or in Regents votes, a win is a win.

Individual Income tax collections for October came in at 4.1% over last year which is certainly not anything to shout from the rooftops about, but positive all the same.  This category totaled $635.7 million for the month.

Sales tax collections for the state increased 7.4% or about $29.4 million.  Local governments’ portion was down -8.7% or almost $29 million.

Corporate income taxes, usually tracked more accurately on a quarterly basis, were down 10.5% or $513,000.

Motor Fuel taxes continued a positive trend with fuel sales taxes increasing $10.9 million or 37.5% but excise taxes (by the gallon) declining $1.7 million or down 4.7%.


Total State Revenues are up for the one third of the year, July-October, by 7.6%.  So far, the state has taken in $355.2 million more than the same period from last year.  This figure is a little ahead of the approximately 5% growth needed in the FY2011 Budget and works out to approximately $100 million above projections.  While being slightly ahead is better than being behind projections, $100 million does not begin to fill the hole left by the end of the Federal Stimulus funds, the FMAP extension expiration and formulas projected to increase because of population increases. 

But here are the positive numbers YTD:

Individual Income Tax collections are up Year to Date by $194.8 million or 8.2%. 

Sales Taxes collections for the state are up YTD by $119 million or 7.5%.  The local government distribution is down YTD by -1.8%.  Overall gross State Sales tax collections are up 4.5%.

Corporate Income taxes at the one third year point are down -33.1%. 

Motor Fuel Taxes overall YTD are up 19.3% or a total of $51.4 million, an encouraging sign.  Motor Fuel Sales Taxes are up 39.9% YTD or $46.7 million and Excise Taxes are up 3.2% or $4.7 million.

Tobacco taxes YTD are down -4.3% but total only $66 million and alcohol taxes are down -1.3% and total only $57.8 million.


Individual withholding payments are up $18 million or 0.7%.  The refund totals paid out are skewed at $207 million because of the refunds that were paid late a year ago. The good news is that refunds are down another $40 million or so beyond the carry over amount.

Even beyond the backlog of Sales Tax returns of a year ago, taking that $28 million into account, Sales Tax collections are still increasing year to date by over $9.0 million.   Within Sales Tax categories, all are up YTD except Home Furnishings and Manufacturing Sales.


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