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* COGFA…
For the month of May, base general funds revenues fell $341 million. With few exceptions, the vast majority of revenue sources experienced declines, with sales tax receipts reflecting the largest falloff related to COVID-19, and the interruption of the economy. Two less receipting days likely contributed to the monthly decline.
Gross sales tax receipts fell $182 million in May, or $181 million on a net basis. As mentioned, two less receipting days partially contributed to the decline, but the bulk of the poor performance can be blamed on the consequence of economic slowdown related to COVID-19. Public utility taxes dropped $27 million, while corporate franchise taxes were off $14 million. Inheritance tax, interest earnings, and other miscellaneous sources each suffered a $13 million monthly decline.
After dropping over $2 billion on a net basis last month, total income taxes suffered only minor losses in May. Gross personal income tax receipts were only off $8 million [$3 million on a net basis], while gross corporate income taxes fell a modest $4 million [$2 million on a net basis]. Cigarette taxes were down $7 million and vehicle use taxes were down $2 million.
Insurance taxes were the only tax source that managed to post a monthly gain, as receipts grew $4 million.
Overall transfers fell $32 million for the month. Lottery transfers posted a $10 million gain, but was more than offset by a $29 million decline in other transfers and a comparable $13 million loss in riverboat transfers [as casino gaming has been temporarily halted]. Federal sources were very weak in May, as they were in the same month last year, but still fell $38 million in comparison.
* Year to date…
Excluding proceeds from the Treasurer’s Investment program as well as interfund borrowing, after suffering April’s dramatic $2.740 billion falloff, and May’s lesser but still sizable drop, base general funds revenues stand $1.343 billion below last year’s levels. As discussed in previous briefings, through the first three-fourths of the fiscal year, revenues had performed quite well. Unfortunately, economic carnage related to COVID-19, as well as tax day deadline changes have significantly derailed the fiscal year revenue picture.
With only one month remaining in the fiscal year, gross personal income taxes are down $1.119 billion, or $915 million net. Gross corporate income taxes are off $381 million, or $275 million net. Gross sales taxes have now turned negative for the year as receipts are down $121 million, or $79 million net. The performance of the remaining revenue sources continue somewhat mixed, but have now also taken on a somber tone, falling a combined $211 million.
Aided by gains associated to Refund Fund and Capital Projects Fund transfers, overall transfers to the general funds are still up $371 million. Federal sources, which have experienced wide monthly swings in performance this fiscal year, are now down $234 million.
posted by Rich Miller
Wednesday, Jun 3, 20 @ 2:26 pm
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were COFGA’s May projections modified to take into account the cliff-like drop in April?
Comment by WeAreAVillage Wednesday, Jun 3, 20 @ 5:01 pm