The Office of the State Budget Director Mary Lassiter released the August 2012 monthly tax receipts today. You can download a copy of her press release and charts HERE. The highlights are as follows:
- General Fund receipts were up 2.5% compared to August 2011. This basically cancels out the decline from July 2012 receipts leaving revenues flat through the first two months of this Fiscal Year. To meet the revenue projections for this Fiscal Year per the state budget, tax receipts need to grow 2.8% over the next 10 months.
- The more surprising news is that Road Fund revenues were down 2.9% in August 2012 compared to August 2011. This is the first month of declining Road Fund revenues in 25 months stretching back to June 2010. The main reason for the decline was that motor vehicle usage tax was down 13.5%. In order to meet Fiscal Year 2013 projections of a 3.9% increase, Road Fund revenues need to grow 3.9% over the remaining 10 months.