A TUMULTUOUS WEEK FOR THE ECONOMY
Benjamin L. Varner, Chief Economist

The final week of January was marked by significant economic turbulence. The week began with an AI advancement that effected markets. This was followed by a an announced federal spending freeze. The Fed met for the first time in 2025 and GDP results for the fourth quarter of 2024 were announced.

ANOTHER MIXED MONTH FOR GENERAL FUNDS RECEIPTS IN JANUARY
Eric Noggle, Revenue Manager

It was another mixed month for revenues deposited into the State’s General Funds. Base revenues were up approximately $65 million in January 2025 or +1.4% above last January’s monthly totals. However, total receipts were $35 million lower than last year when including a one-time $100 million transfer that the General Funds received last year at this time.
********
With January’s overall decline of $35 million, the year-to-date General Funds total through the first seven months of the year is identical to last year at $29.505 billion. This total includes transactions the Commission has classified as “one-time” revenues… Excluding these “one-time” revenues, Base revenues are a respectable $816 million or +2.8% above last year’s levels through January.