Friday, September 10, 2010

August Revenue Report

The state revenue report for the month of August was released today, you can download a pdf copy HERE. In August the General Fund rose 3.3% and the Road Fund was up 9.5% as compared to August a year ago. This is the second month in a row of revenue increases for both funds.

In terms of the General Fund the numbers can be a little deceiving, because revenues were budgeted to increase during this fiscal year by 4.2% and so far the increases haven't kept track with the budgeted amount at only 3.9%. Although this is a small discrepancy, another revenue shortfall will follow if revenue growth isn't stronger the rest of the fiscal year.

The Road Fund is in an altogether different situation. The official Road Fund revenue estimate in the budget called for growth of 4.9% in this fiscal year, and due to an 11% growth so far this year, revenues are actually ahead of the budgeted estimates. Revenue growth in the fund has been driven by an 18.9% year to date growth in motor fuels taxes.

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