Halfway through the fiscal year, state revenues are running on target.
As of the end of December, the state had netted $668 million in general fund revenue — approximately 0.1 percent above projections for fiscal year 2016, according to the secretary of administration’s monthly revenue report.
General fund returns for December, however, totaled $128 million, falling short of expectations by $260,000, or 0.2 percent.
The shortfall reflected disappointing corporate income tax receipts, which were 24.8 percent below the target for the month. That category totaled $14.9 million in December, some $4.9 million less than projected.
Personal income taxes came in at $70.7 million — roughly $2.7 million, or 3.9 percent, above target.
Meanwhile, the transportation fund exceeded expectations in December by $1.3 million, or 6.4 percent, for a monthly total of $21.7 million. The fund is running above target by 1.1 percent for the year, with receipts totaling $130.6 million.
The education fund lagged 2.2 percent below the $14.7 million monthly target. For the year, the fund is running 0.7 percent behind projections.
In a statement, Secretary of Administration Justin Johnson said that “steady as you go” economic growth and revenues have contributed to keeping the general and transportation funds on track to meet the revenue targets for the full fiscal year, which ends June 30.
