From today’s TSBJ:
The state's funding woes continue.
State Budget Director Linda Luebbering announced Wednesday that net general revenue collections for April were down 3.6 percent compared to the same month in 2009, to $986.8 million from $1 billion.
Year-to-date for the fiscal year that began July 1, net general revenue collections are $5.7 billion, down 11.7 percent from the first 10 months of fiscal 2009.
Individual income tax collections were down 6.5 percent for the month and are down 8.9 percent so far this fiscal year. Sales and use taxes are down 3 percent for April and 6.5 percent for the year.
Corporate income and corporate franchise tax collections increased 7.5 percent for the month but are down 8.3 percent for the year, and all other collections were down 9.3 percent for the month and 7.7 percent for fiscal 2010. Refunds decreased 15 percent for April but remain up nearly 13 percent for the year.
Luebbering noted that the $520 million the state borrowed from the Budget Reserve Fund over the course of the fiscal year for cash flow has been repaid. The state had a May 15 deadline to repay the funds.
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