September general fund revenue increased 9.7 percent

Published October 13, 2015 by Robert Powell, III

September general fund revenue increased 9.7 percent from same month last year.

The governor’s office said September completes the first quarter of fiscal year 2016 and is a significant month for revenue collections.  Estimated payments from individuals, corporations and insurance companies are all due in September, along with regular monthly collections in withholding, sales taxes and other sources.

On a fiscal year-to-date basis, total revenue collections rose 2.4 percent, ahead of the annual forecast of a 0.1 percent decline.

On the plus side, collections of payroll withholding taxes, with an additional deposit day compared with last year, rose 11.9 percent in September. 

Collections in nonwithholding, driven by the first estimated payment for fiscal year 2016, rose 23.8 percent in September from last year.

Collections of sales and use taxes, reflecting August sales, rose 3.7 percent in September.  And, collections of wills, suits, deeds, and contracts – mainly recordation tax collections – were up 11.7 percent in September.