According to our House Finance wizards, the general fund tax collections for October 2008 have been released, and the report is not good. For the month of October, general funds collected were -9.5% down compared to October of last year, and -1.3% down, cumulatively, for the first four months (July, Aug, Sept, Oct) of this fiscal year, FY09.
The Council on Revenues' latest projection for FY09 is at -0.5%, and that is the projection that will be used by the administration and the legislature in working to balance our state budget. However, the Council is expected to meet again in January, and we'll see if the projection changes given the actual revenues for the year so far.
Here is a breakdown:
General excise taxes are at -3.2%
Corporate taxes are at -21.4%
Incomes taxes are at +1.1%
Other taxes (alcohol, tobacco, etc.) are at +8.1%
Also, Transient Accommodation Taxes (TAT), which do not go to the General Fund, are at -6.9%. The TAT goes to the counties and the Tourism Special Fund.
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