State's tax take up from year ago, but still well below goal

Commissioner: 'We are completely committed to balancing the state's budget'

Email | Print By Geert De Lombaerde

October's state revenue collections came in at $709 million, up slightly from a year ago but almost $76 million below the budgeted estimate for the month.

Last month was the third in a row that tax collections came up well short of the state's goal. Through the first three months of the government's fiscal year, the shortfall stands at almost $218 million.

"We continue to be concerned with the year-to-date negative growth in our tax collections, but we are completely committed to balancing the state's budget in a responsible manner during this extraordinary national economic downturn," Finance and Administration Commissioner Dave Goetz said.

Sales tax collections – which account for about three-quarters of the state's total income – were down 4.7 percent from a year ago, while gasoline tax revenues fell almost 18 percent.

Here is the full set of numbers from the state:

On an accrual basis, October is the third month in the 2008-2009 fiscal year.

October collections were $75.8 million less than the budgeted estimate. The general fund was under collected by $72.0 million and the four other funds were under collected by $3.8 million.

Sales tax collections were $40.9 million less than the estimate for October. The October growth rate was negative 4.71%. Year-to-date the growth rate is negative 3.14%.

Franchise and excise combined collections for October were negative $17.9 million, and they were $23.7 million below the budgeted estimate of $5.8 million.

Gasoline and motor fuel collections decreased by 16.21% and they were $10.1 million below the budgeted estimate of $73.9 million.

Tobacco tax collections for the month were over collected by $400,000, and they were $2.7 million over October 2007 collections.

Inheritance and Estate taxes were under collected by $400,000 for the month. All other taxes were under collected by a net $1.1 million.

Year-to date collections for three months were $217.7 million less than the budgeted estimate. The general fund was under collected by $200.2 million and the four other funds were under collected by $17.5 million.