house joint resolution NO. 2

INTRODUCED BY B. Beard

By Request of the Revenue Interim Committee

A joint resolution of the Senate and the House of Representatives of the state of montana establishing an official estimate of the state's general fund revenue for fiscal year 2021 and each fiscal year of the 2022-2023 biennium for the purpose of achieving a balanced budget as required by article viii, section 9, of the montana constitution; accepting a preliminary unassigned general fund balance; establishing official estimates of certain nongeneral fund revenue; and requesting that the governor's office of budget and program planning use the revenue estimates contained in this resolution as official estimates for fiscal years 2021, 2022, and 2023.

WHEREAS, Article VI, section 9, of the Montana Constitution requires the Governor to submit to the Legislature a budget for the ensuing fiscal period, containing in detail for all operating funds the proposed expenditures and estimated revenue of the state; and

WHEREAS, Article VIII, section 9, of the Montana Constitution prohibits the Legislature from appropriating funds in excess of the anticipated revenue of the state; and

WHEREAS, section 5-5-227(2), MCA, requires the Revenue Interim Committee to estimate the amount of revenue projected to be available for legislative appropriation and to introduce a resolution setting forth the Committee's current revenue estimate; and

WHEREAS, section 5-5-227(3), MCA, expresses the Legislature's intent that its revenue estimates and the underlying assumptions used to derive those estimates be used by all agencies in the development of fiscal notes; and

WHEREAS, the Revenue Interim Committee obtained the assistance of the Legislative Fiscal Analyst in the development of the revenue estimates; and

WHEREAS, the Revenue Interim Committee also obtained the assistance of Executive Branch agencies in the development of the revenue estimates; and

WHEREAS, the Revenue Interim Committee has adopted revenue estimates and the underlying assumptions used to derive those estimates for the general fund and for specific nongeneral fund sources that are significant in the development of the state budget for fiscal year 2021 and the 2022-2023 biennium; and

WHEREAS, section 5-5-227(3), MCA, provides that the Revenue Interim Committee's estimate, as introduced in the Legislature, constitutes the Legislature's current revenue estimate until amended or until final adoption of the estimate by both houses; and

WHEREAS, the amount of estimated revenue and the general fund balance affects policy decisions of the Executive Branch and the Legislative Branch; and

WHEREAS, the revenue estimates and the underlying assumptions contained in this resolution provide the basis for a comprehensive analysis of the state's revenue condition.

Now, therefore, be it resolved by the Senate and the House of Representatives OF THE STATE OF MONTANA:

That the state general fund revenue for fiscal years 2021, 2022, and 2023 be estimated to be $2,469,233,000, $2,537,695,000, and$2,647,666,000 $2,567,639,173, $2,644,010,520, and $2,748,873,668, respectively.

BE IT FURTHER RESOLVED, that the Legislature accept for budget purposes the preliminary unassigned fiscal year 2020 fund balance of $452,411,472 for the general fund, prepared according to generally accepted accounting principles.

BE IT FURTHER RESOLVED, that the Governor's Office of Budget and Program Planning use the revenue estimates and the underlying assumptions contained in this resolution as the official revenue estimates for fiscal years 2021, 2022, and 2023.

GENERAL FUND REVENUE

The projections for general fund revenue for fiscal years 2021, 2022, and 2023 are based on the assumptions of the continuation of Montana and federal law as it existed on January 1, 2021. The revenue estimates contained in the following tables are based on the assumptions listed in the tables that follow the general fund estimates and the assumptions for each general fund revenue source (as adopted by the Revenue Interim Committee) contained in the "Legislative Budget Analysis, 2023 Biennium, Volume 2 -- Revenue Estimates" prepared by the Legislative Fiscal Division.

Current Law

General Fund Revenue Estimates

(In Millions of Dollars)

	Actual	Estimated	Estimated	Estimated
Source of Revenue	FY 2020	FY 2021	FY 2022	FY 2023
Largest Seven Sources
Individual Income Tax	$1,435.240	$1,404.584	$1,443.769	$1,523.161
	$1,435.240	$1,505.449	$1,549.250	$1,623.128
Property Tax	308.610	313.021	333.017	339.825
	308.610	313.430	332.412	338.781
Corporation Income Tax	187.358	156.256	163.528	168.808
	187.358	149.420	159.088	170.783
Vehicle Taxes & Fees	108.482	109.273	110.402	111.384
	108.482	109.320	110.949	112.228
Oil & Natural Gas Production Tax	38.380	36.488	40.402	41.002
	38.380	40.367	44.353	40.826
Insurance Tax & License Fees	82.489	86.072	84.780	87.767
	82.489	88.450	92.000	95.723
Video Gambling Tax	57.447	60.320	63.336	66.503
Largest Seven Sources Subtotal	2,218.007	2,166.012	2,239.233	2,338.449
	2,218.007	2,266.756	2,351.388	2,447.971

Other Business Taxes
Driver's License Fee	4.410	4.029	4.053	4.071
	4.410	4.041	4.073	4.097
Investment License Fee	15.711	16.385	16.524	16.866
	15.711	16.385	16.580	17.014
Lodging Taxes	25.058	20.878	30.589	36.378
	25.058	21.494	28.337	32.941
Public Contractors Tax	6.729	4.987	5.103	5.206
	6.729	4.985	5.083	5.181
Railroad Car Tax	4.294	4.305	4.393	5.140
	4.294	4.305	4.391	5.509
Rental Car Sales Tax	4.224	3.823	4.727	5.219
	4.224	3.571	4.681	5.212
Telecommunications Excise Tax	11.788	10.954	10.085	9.190
	11.788	11.004	10.168	9.287
Other Business Taxes Subtotal	72.213	65.361	75.473	82.070
	72.213	65.786	73.313	79.240

Other Natural Resource Taxes
Coal Severance Tax	10.920	10.966	10.812	10.648
	10.920	9.553	8.697	7.689
Electrical Energy Tax	3.910	4.480	4.223	4.203
	3.910	3.987	3.759	3.741
Metalliferous Mines Tax	8.724	9.922	8.038	8.222
US Mineral Royalty	18.527	18.729	17.909	17.221
	18.527	17.619	16.196	14.526
Wholesale Energy Tax	3.351	3.467	3.460	3.466
Other Natural Resource Taxes Subtotal	45.432	47.563	44.442	43.760
	45.432	44.548	40.150	37.644

Other Interest Earnings
Coal Trust Interest	21.600	17.904	16.828	15.700
	21.600	17.896	16.813	15.693
Treasury Cash Account Interest	18.597	2.740	1.582	1.724
	18.597	2.392	1.002	1.440
Other Interest Earnings Subtotal	40.197	20.645	18.409	17.424
	40.197	20.288	17.816	17.133

Other Consumption Taxes
Beer Tax	3.167	3.102	3.111	3.117
	3.167	3.119	3.133	3.142
Cigarette Tax	26.983	27.045	26.558	26.113
	26.983	27.080	26.542	25.908
Liquor Excise & License Tax	23.786	24.930	26.426	28.014
	23.786	24.960	26.436	27.901
Liquor Profits	18.080	15.800	15.800	16.900
	18.080	15.800	15.800	16.800
Lottery Profits	8.073	13.144	13.021	13.145
	8.073	13.224	13.122	13.259
Tobacco Tax	5.754	5.724	5.627	5.565
	5.754	5.646	5.534	5.472
Wine Tax	2.522	2.579	2.637	2.697
	2.522	2.577	2.634	2.693
Other Consumption Taxes Subtotal	88.364	92.323	93.179	95.550
	88.364	92.407	93.201	95.175

Other Sources
All Other Revenue	46.062	44.685	44.075	46.685
	46.062	45.100	45.168	47.889
Highway Patrol Fines	3.458	3.691	3.670	3.607
Nursing Facilities Fee	4.188	3.992	3.896	3.799
Public Institution Reimbursements	12.745	12.555	12.382	13.410
Tobacco Settlement	2.654	12.406	2.936	2.912
	2.654	12.517	3.028	3.007
Other Sources Subtotal	69.107	77.329	66.958	70.413
	69.107	77.855	68.143	71.711

Total General Fund	$2,533.321	$2,469.233	$2,537.695	$2,647.666
	$2,533.321	$2,567.639	$2,644.011	$2,748.874
Guarantee Fund	42.452	42.928	42.374	42.646

SIGNIFICANT ASSUMPTIONS FOR GENERAL FUND REVENUE ESTIMATES

Year Assumption 2020 2021 2022 2023

	Largest Seven Sources
	Individual Income Tax
CY	Wage & salary income growth	-0.6%	4.2%	3.6%	3.8%
		3.6%	6.9%	3.4%	4.1%
CY	Interest income growth	-2.8%	-1.2%	-0.1%	0.7%
		-4.5%	-4.2%	-3.2%	0.2%
CY	Dividend income growth	0.6%	-5.6%	1.4%	5.5%
		-29.4%	-5.4%	12.9%	2.6%
CY	Taxable refunds growth	0.0%	0.0%	0.0%	0.0%
CY	Alimony received growth	-7.1%	-7.1%	-7.1%	-7.1%
		-6.4%	-6.4%	-6.4%	-6.4%
CY	Net business growth	0.5%	2.1%	-0.1%	2.3%
		0.8%	3.0%	1.6%	2.0%
CY	Capital gains income growth	-2.1%	-1.6%	-1.1%	1.8%
		0.8%	18.9%	6.7%	3.7%
CY	Supplemental gains income growth	0.0%	0.0%	0.0%	0.0%
CY	Rents, royalties & partnership income growth	-1.2%	3.1%	5.2%	6.7%
		0.0%	7.0%	4.0%	5.9%
CY	IRA income growth	-13.2%	29.5%	5.1%	4.9%
		-15.2%	9.5%	6.3%	5.2%
CY	Taxable pension income growth	5.5%	5.0%	4.9%	4.5%
		-0.1%	5.5%	6.0%	4.4%
CY	Taxable social security income growth	7.1%	6.1%	4.4%	4.3%
		5.2%	5.7%	6.8%	3.6%
CY	Farm income growth	0.0%	0.0%	0.0%	0.0%
CY	Unemployment compensation growth	1076.4%	-91.5%	0.0%	0.0%
CY	Other income growth	0.0%	0.0%	0.0%	0.0%
CY	Total additions (Millions)	$838.411	$837.533	$835.456	$834.458
		$928.287	$931.997	$927.334	$924.924
CY	Total adjustments (Millions)	$518.665	$533.578	$548.492	$563.406
		$518.691	$533.618	$548.545	$563.471
CY	Total reductions (Millions)	$1,903.006	$1,996.333	$2,094.979	$2,199.011
		$1,940.933	$2,042.829	$2,153.064	$2,269.849
CY	Federal inflation factor	1.6%	1.9%	2.0%	1.6%
		1.6%	1.3%	1.9%	1.7%
CY	State inflation factor	0.9%	3.0%	2.3%	1.8%
		1.8%	0.9%	2.6%	1.5%
CY	Full year resident adjustment	97.0%	102.3%	100.7%	100.7%
		97.1%	99.4%	100.8%	101.6%
CY	Non-resident adjustment	105.1%	105.1%	105.1%	105.1%
		105.0%	105.0%	105.0%	105.0%
FY	Earned income tax credit (Millions)	$5.031	$5.210	$5.290	$5.311
		$5.031	$5.509	$5.195	$5.340
CY	Elderly homeowner/renter credits (Millions)	$7.385	$7.131	$6.846	$6.621
		$7.395	$7.141	$6.887	$6.633
CY	All other credits (Millions)	$65.174	$66.145	$68.763	$72.274
		$69.359	$73.088	$75.511	$79.014
FY	Audit, penalty & interest collections (Millions)		$53.397	$56.280	$58.577
			$55.543	$60.789	$63.688
	~~Revenue Interim Committee Adjustment (Millions)~~		-$30.160	-$30.160	-$30.160
	Impacts of federal CARES Act and Consolidated Appropriations Act (Millions)		-$10.68	-$9.73	-$20.45
	Property Tax
FY	Class 1 taxable value (Millions)		$4.745	$5.747	$5.014
FY	Class 2 taxable value (Millions)		$31.695	$30.409	$26.528
FY	Class 3 taxable value (Millions)		$157.219	$162.025	$161.889
FY	Class 4 taxable value (Millions)		$1,987.610	$2,196.052	$2,236.569
FY	Class 5 taxable value (Millions)		$50.769	$51.877	$53.009
FY	Class 7 taxable value (Millions)		$0.003	$0.003	$0.003
FY	Class 8 taxable value (Millions)		$163.006	$163.657	$164.311
			$167.304	$163.657	$164.311
FY	Class 9 taxable value (Millions)		$535.254	$567.495	$601.677
FY	Class 10 taxable value (Millions)		$4.870	$4.858	$4.846
FY	Class 12 taxable value (Millions)		$101.163	$106.077	$110.907
FY	Class 13 taxable value (Millions)		$162.733	$158.349	$154.082
FY	Class 14 taxable value (Millions)		$17.567	$17.693	$17.819
FY	Class 15 taxable value (Millions)		$1.830	$1.751	$1.675
FY	Abatement value (Millions)		$26.392	$28.422	$29.015
			$26.428
FY	TIF Value (Millions)		$49.924	$52.985	$53.311
	Corporation Income Tax
CY	WTI price ($/bbl)	$38.7	$46.0	$54.4	$56.1
		$39.2	$59.3	$56.9	$58.1
CY	Domestic crude price ($/bbl)	$39.4	$45.7	$54.3	$54.9
		$40.4	$57.7	$57.0	$57.8
CY	Montana retail sales (Millions)	$18,693	$19,623	$19,481	$19,842
		$18,833	$20,628	$20,719	$21,494
CY	Montana median home price ($)	$270,945	$278,815	$288,384	$298,767
		$281,753	$310,054	$322,893	$334,929
CY	Montana population (Thousands)	1,075.4	1,079.8	1,084.6	1,089.5
		1,081.4	1,088.3	1,094.5	1,100.1
CY	Wholesale employment (Thousands)	17.2	17.5	18.3	18.8
				18.5	19.3
CY	3-month commercial paper	0.6%	0.2%	0.3%	0.3%
		0.56%	0.1%	0.2%
FY	Audit, penalty & interest collections (Millions)		$17.056	$16.174	$16.897
			$17.034	$16.488	$18.469
FY	Refunds (Millions)		-$27.290	-$25.879	-$27.035
			-$27.254	-$26.380	-$29.551
	Vehicles Vehicle Taxes & Fees
FY	Montana new vehicle sales (Thousands)		49.026	54.069	56.677
			50.130	56.978	58.936
FY	US new vehicle sales (Millions)		15.211	15.593	15.782
			15.911	16.432	16.411
FY	US total vehicle stock (Millions)		291.245	293.240	295.319
			291.646	294.611	297.442
	Oil & Natural Gas Production Tax
CY	WTI price ($/bbl)	$38.661	$46.040	$54.416	$56.098
		$38.661	$59.300	$56.883	$58.141
CY	Montana oil price ratio	0.880	0.880	0.880	0.880
CY	Total oil production (Million barrels)	18.294	15.789	14.636	13.639
		18.122	15.098	14.014	13.061
CY	Holiday oil production (Million barrels)	2.472	0.108	0.098	0.087
		2.516	0.109	0.098	0.087
CY	Henry Hub price ($/MCF)	$1.963	$3.207	$2.821	$3.163
		$2.033	$3.061	$2.975	$2.816
CY	Montana natural gas price ratio	0.626	0.626	0.626	0.626
CY	Total natural gas production (Million MCFs)	86.564	81.110	78.513	73.134
		35.614	34.473	32.112	31.113
CY	Holiday natural gas production (Million MCFs)	3.402	0.343	0.332	0.309
		3.726	0.341	0.330	0.307
	Insurance Tax & License Fees
FY	Montana PCE Finance & Insurance (Millions)		$3,437	$3,171	$3,285
			$3,601	$3,603	$3,761
	Other Business Taxes
	Driver's License Fee
CY	Montana population age 16 and over (Millions)		0.877	0.882	0.887
			0.885	0.892	0.899
	Investment License Fee
FY	Montana PCE Finance & Insurance (Millions)		$3,437	$3,171	$3,285
			$3,601	$3,603	$3,761
	Lodging Taxes
FY	US consumer spending on accommodations (Billions)		$101	$149	$178
	Alternative lodging tax assumption (Millions)		$1.12	-$1.85	-$4.50
	Public Contractors Tax
FY	Highway payments (Millions)		$366	$373	$381
FY	Other payments (Millions)		$258	$264	$270
			$258	$262	$267
	Railroad Car Tax
FY	Montana retail sales (Millions)		$18,076	$18,237	$19,606
			$18,076	$18,233	$20,281
	Rental Car Sales Tax
FY	Montana PCE Transportation (Millions)		$914	$1,067	$1,150
			$872	$1,059	$1,149
	Telecommunications Excise Tax
FY	Montana population age 16 and over (Millions)		0.875	0.879	0.885
			0.885	0.892	0.899
CY	Landline %	36%	30%	24%	18%
CY	Cell Phone %	96%	96%	96%	96%
CY	Prepaid smartphone penetration	40%	40%	40%	40%
	Other Natural Resource Taxes
	Coal Severance Tax
CY	Price ($/Ton)	$16.19	$16.48	$16.69	$16.82
		$15.39	$15.57	$15.66	$16.96
CY	Production (Million Tons)	26.740	25.711	24.868	24.061
		24.728	22.255	20.030	16.349
	Electrical Energy Tax
FY	Taxable Production (KWH)		22,398	21,115	21,015
			19,935	18,793	18,704
	Metalliferous Mines Tax
CY	Price: Copper ($/lb)	$2.65	$3.04	$3.06	$3.07
CY	Price: Silver ($/oz)	$20	$17	$17	$17
CY	Price: Gold ($/oz)	$1,750	$1,590	$1,568	$1,546
CY	Price: Moly ($/lb)	$10	$10	$9	$9
CY	Price: Palladium ($/oz)	$2,160	$1,241	$1,367	$1,467
CY	Price: Platinum ($/oz)	$867	$1,000	$1,025	$1,051
	US Mineral Royalty
FFY	Oil price ($/bbl)	$45.04	$40.44	$36.30	$32.59
FFY	Oil production (Million barrels)	2.558	2.441	2.324	2.207
FFY	Coal price ($/Ton)	$22.99	$23.10	$23.32	$23.43
		$21.99	$21.73	$21.89	$23.08
FFY	Coal production (Million Tons)	14.010	3.038	12.578	12.158
		13.277	11.535	10.381	8.647
FFY	Natural gas price ($/MCF)	$2.40	$2.37	$2.34	$2.32
FFY	Natural gas production (Million MCFs)	9.573	8.695	7.817	6.940
FFY	Rent and bonus payments (Millions)	$2.598	$2.598	$2.598	$2.598
	Wholesale Energy Tax
FY	Production (KWH)		23,771	23,726	23,761
	Other Interest Earnings
	Coal Trust Interest
FY	Short term interest rates		0.30%	0.17%	0.18%
			0.26%	0.11%	0.15%
FY	Long term interest rates		3.40%	3.10%	2.79%
	Treasury Cash Account Interest
FY	Short term interest rates		0.30%	0.17%	0.18%
			0.26%	0.11%	0.15%
FY	Average balance (Millions)		$929	$933	$934
	Other Consumption Taxes
	Beer Tax
FY	Montana PCE food (Millions)		$5,456	$5,781	$6,127
			5,451	5,770	6,089
FY	Montana population age 21 and above (Millions)		0.811	0.816	0.821
			0.818	0.825	0.831
	Cigarette Tax
FY	Consumer spending on tobacco (Millions)		$105	$103	$105
			$103	$101	$98
FY	CPI for tobacco		140	144	151
			141	147	154
FY	Montana population age 18 and above (Millions)		0.851	0.856	0.861
			0.859	0.866	0.872
	Liquor Excise & License Tax
FY	Montana PCE food (Millions)		$5,456	$5,781	$6,127
			5,451	5,770	6,089
	Liquor Profits
FY	Montana PCE food (Millions)		$5,456	$5,781	$6,127
			5,451	5,770	6,089
	~~Revenue Interim Committee Adjustments (Millions)~~		-$1.961	-$1.961	-$1.961
	Lottery Profits
FY	Montana population age 18 and above (Millions)		0.851	0.856	0.861
			0.859	0.866	0.872
FY	Short term interest rates		0.30%	0.17%	0.18%
			0.26%	0.11%	0.15%
	~~Revenue Interim Committee Adjustments (Millions)~~		-$1.961	-$1.961	-$1.961
	Tobacco Tax
FY	Montana population age 18 and above (Millions)		0.851	0.856	0.861
			0.859	0.866	0.872
FY	Montana PCE (Millions)		$65,173	$68,287	$71,623
			$68,630	$71,977	$75,427
	Wine Tax
FY	Montana population age 21 and above (Millions)		0.811	0.816	0.821
			0.818	0.825	0.831
	Other Sources
	All Other Revenue
FY	Time series		2021	2022	2023
	Highway Patrol Fines
FY	Time series		2021	2022	2023
	Nursing Facilities Fee
FY	Time series		2021	2022	2023
	Public Institution Reimbursements
FY	Montana nursing facility residents		3,732	3,625	3,518
	Tobacco Settlement
FY	Volume (Millions)		0.187	0.179	0.172
			0.183	0.185	0.178
FY	Inflation		3.0%	3.0%	3.0%

SELECTED NONGENERAL FUND REVENUE

The estimates for selected nongeneral fund revenue for fiscal year 2021 and the 2022-2023 biennium are based on the assumptions of a continuation of Montana law as it existed on January 1, 2021. The revenue estimates contained in the following tables are based on the assumptions listed in the tables that follow the nongeneral fund estimates and the assumptions for each nongeneral fund revenue source contained in the "Legislative Budget Analysis, 2023 Biennium, Volume 2 -- Revenue Estimates" prepared by the Legislative Fiscal Division.

Current Law

Selected Nongeneral Fund Revenue Estimates

(In Millions of Dollars)

	Actual	Estimated	Estimated	Estimated
Source of Revenue	FY 2020	FY 2021	FY 2022	FY 2023
Property Tax: 6 Mill	$19.877	$20.303	$21.584	$22.007
	$19.877	$20.329	$21.503	$21.868

Natural Resource Taxes
Federal Forest Receipts	13.801	13.111	3.760	3.917
Resource Indemnity Tax	2.269	2.427	2.213	2.061
	2.269	2.317	1.933	1.662
Natural Resource Taxes Subtotal	16.070	15.538	5.974	5.978
	16.070	15.428	5.694	5.579

Interest Earnings

Capital Land Grant Interest and Income	2.194	1.844	1.815	1.939
Common School Interest and Income	41.186	41.986	41.478	41.917
	41.186	42.000	41.446	41.719
Cultural Trust Interest	0.480	0.483	0.445	0.406
	0.480	0.482	0.443	0.404
Deaf & Blind Interest and Income	0.307	0.362	0.357	0.360
	0.307	0.361	0.356	0.358
Economic Development Trust	3.782	3.928	4.121	3.406
	3.782	3.912	4.084	3.356
Parks Trust Interest	0.888	0.874	0.804	0.735
	0.888	0.872	0.800	0.730
Pine Hills Interest and Income	0.379	0.390	0.403	0.423
	0.379	0.390	0.402	0.422
Regional Water Trust Interest	3.153	3.093	2.830	2.574
	3.153	3.091	2.827	2.572
Resource Indemnity Trust Interest	3.557	3.504	3.186	2.867
School Facilities Trust Interest	1.550	1.407	1.830	2.126
	1.550	1.405	1.713	1.882
Tobacco Trust Interest	9.253	8.939	8.166	7.417
	7.725	7.887	8.249	7.844
Treasure State Endowment Trust Interest	7.725	7.884	8.250	7.845
	9.253	8.933	8.156	7.412
Interest Earnings Subtotal	74.456	74.694	73.685	72.015
	74.456	74.681	73.477	71.504

Consumption Taxes
Diesel Tax	90.549	85.784	85.326	85.883
Gasoline Tax	171.584	172.672	176.112	179.586
GVW and Other Fees	35.555	35.807	36.000	36.193
Marijuana Tax	-	-	14.313	25.698
Consumption Taxes Subtotal	297.688	294.262	311.751	327.360

Total of Selected Nongeneral Fund Sources	$408.091	$404.798	$412.994	$427.360
	$408.091	$404.701	$412.424	$426.311

SELECTED ASSUMPTIONS FOR NONGENERAL FUND REVENUE ESTIMATES

Year Assumption 2021 2022 2023

	Property Tax: 6 Mill
FY	Taxable Value (Millions)	$3,218.465	$3,465.993	$3,538.329
		3,222.763	3,465.993	3,538.329
FY	TIF Value (Millions)	$26.392	$28.422	$29.015
		49.924	52.985	53.311
FY	Abatement value (Millions)	$49.924	$52.985	$53.311
		26.428	28.422	29.015

	Natural Resource Taxes
	Federal Forest Receipts
FY	Total Montana Receipts (Millions)	$13.111	$3.760	$3.917
	Resource Indemnity Tax
FY	Coal Receipts (Millions)	$2.097	$1.920	$1.887
		$1.987	$1.640	$1.488
FY	Other Receipts (Millions)	$0.330	$0.293	$0.174

	Interest Earnings
	Capital Land Grant Interest and Income
FY	Lease Total (Millions)	$0.648	$0.674	$0.674
FY	Permanent Fund Total (Millions)	$2.224	$2.198	$2.323
FY	Administration Costs (Millions)	-$1.028	-$1.057	-$1.057
	Common School Interest and Income
FY	TFBP Long Term Interest Rate	3.41%	3.11%	3.11%
FY	Short Term Interest Rate	0.30%	0.17%	0.18%
		0.26%	0.11%	0.15%
	Cultural Trust Interest
FY	TFBP Long Term Interest Rate	3.37%	3.08%	2.79%
FY	Short Term Interest Rate	0.30%	0.17%	0.18%
		0.26%	0.11%	0.15%
	Deaf & Blind Interest and Income
FY	TFBP Long Term Interest Rate	3.41%	3.11%	3.11%
FY	Short Term Interest Rate	0.30%	0.17%	0.18%
		0.26%	0.11%	0.15%
	Economic Development Trust
FY	TFBP Long Term Interest Rate	3.33%	3.43%	2.77%
FY	Short Term Interest Rate	0.30%	0.17%	0.18%
		0.26%	0.11%	0.15%
	Parks Trust Interest
FY	TFBP Long Term Interest Rate	3.37%	3.08%	2.79%
FY	Short Term Interest Rate	0.30%	0.17%	0.18%
		0.26%	0.11%	0.15%
	Pine Hills Interest and Income
FY	TFBP Long Term Interest Rate	3.41%	3.11%	3.11%
FY	Short Term Interest Rate	0.30%	0.17%	0.18%
		0.26%	0.11%	0.15%
	Regional Water Trust Interest
FY	TFBP Long Term Interest Rate	3.29%	3.01%	2.74%
FY	Short Term Interest Rate	0.30%	0.17%	0.18%
		0.26%	0.11%	0.15%
	Resource Indemnity Trust Interest
FY	TFBP Long Term Interest Rate	3.50%	3.19%	2.87%
FY	Short Term Interest Rate	0.30%	0.17%	0.18%
		0.26%	0.11%	0.15%
	School Facilities Trust Interest
FY	TFBP Long Term Interest Rate	3.81%	3.43%	3.05%
FY	Short Term Interest Rate	0.30%	0.17%	0.18%
		0.26%	0.11%	0.15%
	Tobacco Trust Interest
FY	TFBP Long Term Interest Rate	3.30%	3.02%	2.74%
FY	Short Term Interest Rate	0.30%	0.17%	0.18%
		0.26%	0.11%	0.15%
	Treasure State Endowment Trust Interest
FY	TFBP Long Term Interest Rate	3.32%	3.04%	2.76%
FY	Short Term Interest Rate	0.30%	0.17%	0.18%
		0.26%	0.11%	0.15%

	Consumption Taxes
	Diesel Tax
FY	Time Series	20192021	2022	2023
	Gasoline Tax
FY	Time Series	2021	2022	2023
	GVW and Other Fees
FY	Time Series	2021	2022	2023