General Fund Tax Receipts Decline in April
April's General Fund tax receipts declined 0.7 percent compared to April 2011, a decrease of $6.3 million, according to the office of state budget director. Total revenues for the month were nearly $838 million, compared to $844.2 million during last April. Receipts have now grown 3. 7 percent for the first 10 months of Fiscal Year 2012, according to a press release from state Budget Director Mary Lassiter's office.
The current budget calls for a 2.8 percent revenue growth for the entire fiscal year. To meet that estimate, receipts can actually decrease 1.3 percent over the last two months of the current fiscal year.
"While April revenues were slightly negative overall, both the sales and individual income taxes were strong - an indication that the state economy is expanding in a manner consistent with our latest projections," Lassiter said.
Sales and use tax receipts increased 4.3 percent for the month and are up 5.1 percent year-to-date.
Corporation income tax receipts fell 3.5 percent but have increased 38.2 percent for the year.
Cigarette tax receipts fell 22 percent in April and have fallen 6 percent year-to-date.
Road Fund receipts grew 4.2 percent in April with collections of $121 million, an increase of almost $5 million over April of last year.