State tax revenues rose 1.2% in 2008

With the exception of the A.P. story in the Star-Bulletin, I didn't see much in the news media on the fact that the Department of Taxation released year-end 2008 revenue figures. While revenues rose 1.2% for the year ending June 30th, that is significantly lower than the 3.3% rise projected by the Council on Revenues. That translates to about $100 million less money to spend than anticipated.

At 1.2% growth, the tax revenues amounted to $4,640,923,000 or $4.64 billion. At 3.3% growth, the tax revenues were projected to amount to $4,737,859,000 or $4.74 billion. Thus, a difference of $100 million.

Here are some stats:

General excise/use taxes - UP 2.5%
Corporate income tax - UP 4.0%
Individual income tax - DOWN 1.0%
Transient Accommodation Tax - UP 2.0%
All others - UP 1.5%

The Council on Revenues has projected a 2.0% growth for Fiscal Year 2009.