Revenue from FY2022 reached nearly $1,500 million over estimates with June brining in $163.2 million over sine die estimates.
Total revenue collections for the month of June FY 2022 are $163,200,678 or 26.98% above the sine die revenue estimate. Fiscal YTD revenue collections through June 2022 are $1,456,712,202 or 24.58% above the sine die esmate. Fiscal YTD total revenue collections through June 2022 are $643,269,904 or 9.54% above the prior year’s collections. The FY 2022 Sine Die Revenue Estimate is $5,927,000,000.
On March 25, 2022, the Joint Legislative Budget Committee revised the FY 2022 revenue estimate from $5,927,000,000 to $6,875,200,000 upward by $948.2M. FY 2022 year-to-date actual DOR collections above the line are $502.0M above the year-to-date FY 2022 revised revenue estimate.
The graph above compares the actual revenue collections to the sine die revenue estimate for each of the main tax revenue sources. The figures reflect the amount the actual collections for Sales, Individual, Corporate, Use and Gaming taxes were above or below the estimate for the month and fiscal year-to-date. The graph also compares fiscal year-to-date actual collections to prior year actual collections, as of June 30, 2022.
The report also pointed out that this is a 10-year historical total revenue high as well as a comparison of collections by tax type.
June FY 2022 General Fund collections were $28,280,316 or 3.82% over June FY 2021 actual collections. Sales tax collections for the month of June were above the prior year by $17.9M. Individual income tax collections for the month of June were below the prior year by $3.3M. Corporate income tax collections for the month of June were above the prior year by $8.3M.
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