On August 30, the Legislative Fiscal Bureau released the preliminary 2017-18 general fund tax collections. Overall, revenues were 4 percent higher in fiscal year 2017-18 than in 2016-17, totaling $16,144.2 million. Actual collections for 2017-18 were $18.4 million, just 0.1 percent above the amount estimated in January.
Revenues from individual income taxes were 1.2 percent higher than estimated. Public utility tax revenue was also higher than estimated by 1.8 percent. Revenues from general sales and use, corporate, insurance, and cigarette and tobacco taxes were down from the January estimates.
Final general fund tax collections and revenues will be released in the Department of Administration’s Annual Fiscal Report in October.