On September 8, the Legislative Fiscal Bureau (LFB) released preliminary general fund tax collections for the 2016-17 fiscal year, which ended on June 30. While the 2017-18 fiscal year began on July 1, legislators are still finalizing the state budget.
LFB’s report shows positive news with revenue numbers increasing 2.8 percent over the previous fiscal year. For the year, tax collections totaled $15.5 billion, a raise of $14 million above the amount LFB estimated in January 2017. The major drivers for the positive numbers was $20.9 million more in corporate income and franchise taxes and $8.9 million more than what was projected in general sales and use taxes.
The final general fund tax collections for 2016-17 will be released in mid-October by the Department of Administration.