June 2019 Monthly Briefing
REVENUE: FY 2019 ENDS WITH FEDERAL SOURCE SURGE—REVENUES FINISH VERY CLOSE TO EXPECTATIONS
Jim Muschinske, Revenue Manager
To close out the fiscal year, base receipts grew $750 million in June. The bulk of the monthly increase was due to a $705 million jump in federal sources. Not only was the federal source performance strong, but it compared with an extremely weak month last year. June had one less receipting day compared to a year earlier.
Excluding interfund borrowing, last year’s $2.5 billion bond proceeds transfer and the $750 million related to the Treasurer’s Investments this fiscal year, base general funds for FY 2019 finished $817 million higher than last year. Gross personal income tax ended up with respectable gains of $1.820 billion, or $1.511 billion net. Gross sales tax receipts finished its strong year, up an impressive $641 million, or $599 million net. Gross corporate income taxes ended with a decent increase of $419 million, or $372 million net. All other tax sources combined added $115 million in gains.