Wednesday, October 10, 2012

September Receipts - General Fund Up, Road Fund Down

The Budget Director released the September Tax Receipts today, and you can download a copy of her release and attachments HERE. The highlights are:

- General Fund receipts were up 5.3% in September 2012 over September 2011. This brings 1st quarter revenues up 2.1%. The official revenue estimate, which the budget is based on, calls for 2.4% revenue growth for this fiscal year, so revenues need to grow at least 2.5% for the remaining 3 quarters to achieve that growth.

- Road Fund revenues on the other hand were down in September 2012, 3.9% less than September 2011. This is new territory for the Road Fund revenues, which have posted their second consecutive monthly decline after 25 months of increasing revenues. To meet the forecasted estimate for this fiscal year of a 3.9% increase, revenues need to increase 4.7% the remainder of the fiscal year.

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