The Office of Revenue Analysis released its FY 2015 Revenue Assessment Report for May 2015. This report compares on a fiscal year-to-date and monthly basis adjusted revenues to expected revenues, where expected revenues are estimated by the Office of Revenue Analysis from the revenue estimates adopted at the May 2015 Revenue Estimating Conference.
The May 2015 report finds that through May of the fiscal year, adjusted FY 2015 total general revenues lead expected FY 2015 revised total general revenues by $16.0 million, or .5 percent. It should be noted that the principals of the May 2015 Revenue Estimating Conference revised the FY 2015 estimate for total general revenue up by $106.8 million. This report compares FY 2015 adjusted revenues as determined by the Office of Revenue Analysis to the upwardly revised total general revenues.
With regard to the personal income tax, the May 2015 report shows that for the first 11 months of the fiscal year, adjusted FY 2015 personal income tax revenues are in line with the expected FY 2015 revised personal income tax revenues for the same period. The sales and use tax revenues are modestly ahead of expected FY 2015 revised sales and use tax revenues. The May 2015 report also indicates that for the first 11 months of the fiscal year, adjusted FY 2015 departmental receipts are $3.9 million or 2.4 percent ahead of expected FY 2015 revised departmental receipts. The FY 2015 lottery transfer revenues are $2.8 million less than expected revenues on a fiscal year to date basis. This is a variance of -.9 percent.
For May, adjusted FY 2015 total general revenues were ahead of expected FY 2015 revised total general revenues by $9.0 million or 3.9 percent and the personal income tax outperformed expected revenues by $1.6 million or 2.1 percent. The sales and use tax also outperformed expectations for May with adjusted sales and use tax revenues leading expected sales and use tax revenues by $1.5 million or 1.9 percent. Adjusted monthly departmental receipts revenues for May were $130,852 below expected monthly revised departmental receipts revenue, or 1.0 percent. Adjusted monthly lottery transfer revenues for May were $322,995 more than expected monthly revised lottery transfer revenues, a variance of 1.0 percent.
The full report is available by using the link below. Questions or comments may be directed to Paul Dion, chief of the division, by using the contact link.