ANOTHER POSITIVE MONTH FOR GENERAL FUNDS RECEIPTS IN DECEMBER ELEVATES 1ST HALF GAINS FOR FY 2026
Eric Noggle, Revenue Manager

A strong December for both the Personal Income Tax and the Sales Tax helped offset weaker performance in other revenue sources, allowing the first half of FY 2026 to close on a positive note. For the month, revenues deposited into the State’s General Funds totaled $239 million more than last December, representing growth of 4.6%. Through the first six months of FY 2026, total General Funds revenues are now up $1.190 billion, or 4.8%.

…(W)hile weaker-than-expected performance from Corporate Income Tax receipts and Federal Sources during the first half of FY 2026 is a concern, overall confidence in meeting the FY 2026 revenue target continues to improve. Strong performance from several major revenue sources and Transfers In has helped offset these weaknesses and positions total revenues to meet, and potentially exceed, the $55.3 billion assumed in the enacted budget. The degree to which revenues may surpass this level will largely depend on the performance of income tax receipts during the final payment period this spring.