State revenues lagged slightly behind targets for the month of November, according to a monthly report from the Agency of Administration.
The state netted $87.3 million in November, $2.6 million less than was expected.
The shortfall was driven by underperformance in personal income tax, which came in $5.4 million, or 12.9 percent, below estimates. Collections of both the sales and use tax and estate tax also fell short, though by smaller margins. The shortfalls were mitigated by returns in corporate and meals and rooms taxes, which came in higher than expected.
Five months into the fiscal year, general fund revenues are only slightly below projections. The state has collected $557.2 million — $1.2 million, or 0.2 percent, less than the target.
Transportation and education revenues came in a hair above estimates for November. The transportation fund collected $610,000 more than expected for a total of $20.6 million. However, the fund is lagging $2.3 million behind year-to-date projections.
The education fund collected $280,000 more than the November target for a total of $14.9 million. The fund is just $880,000 behind its year-to-date target of $79.4 million.
Secretary of Administration Trey Martin said in a statement that despite “ups and downs,” the November revenue report reflects “the continued strong fiscal management and discipline practiced by this administration.”
