State Releases October 2018 General Revenue Report

State Budget Director Dan Haug announced today that net general revenue collections for October 2018 decreased 6.1 percent compared to those for October 2017, from $637.3 million last year to $598.4 million this year.

Net general revenue collections for 2018 fiscal year-to-date decreased 3.9 percent compared to October 2017, from $2.88 billion last year to $2.77 billion this year.

The gross collections by tax type are as follows:  

Individual income tax collections

• Decreased 3.6 percent for the year, from $2.13 billion last year to $2.06 billion this year.

• Decreased 6.2 percent for the month.

Sales and use tax collections

• Increased 4.7 percent for the year, from $687.4 million last year to $719.8 million this year.

• Increased 13.2 percent for the month.

Corporate income and corporate franchise tax collections

• Increased 1.9 percent for the year, from $128.5 million last year to $130.9 million this year.

• Increased 1.6 percent for the month.

All other collections

• Growth remains flat for the year, with collections of $127.9 million.

• Increased 11.2 percent for the month.

Refunds

• Increased 35.0 percent for the year, from $197.9 million last year to $267.1 million this year.

• Increased 40.3 percent for the month.

Director Haug also noted the General Revenue Fund borrowed $125 million from the Budget Reserve Fund for cash flow purposes.  The funds will be repaid before the Constitutional deadline of May 15, 2019.

The figures included in the monthly general revenue report represent a snapshot in time and can vary widely based on a multitude of factors.