Year-to-date general fund collections continue to be stronger than the estimate contained in HJ 2.
According to an update released by the Legislative Fiscal Division, FY 2020 general fund revenues through the end of January are $92.5 million or 6.4% above FY 2019 revenues through the same period.
At this point in FY 2019 there was $19.0 million of one-time-only (OTO) revenues, compared to $4.1 million in FY 2020. When these are excluded the ongoing year-over-year growth is 7.5%.
Two separate analyses were examined to predict possible year-end collections based on data through January. In the previous monthly update these two methods yielded wildly different results, due to the significant variability between December and January individual income tax estimated payments and property tax remissions by counties to the state. With January concluding, they are now in more agreement. Current estimates of fiscal year final collections indicate collections will exceed HJ 2 by over $100 million
For more information, see the full report.
The Legislative News.