You are probably aware that our great commonwealth is broke. In case you were wondering just how broke we are, here are some general fund receipts just released by the Office of the State Budget Director. According to the report’s cover letter, our state government collected 8.3 percent less in December 2009 than December 2008 (a $71 million decrease) despite huge returns via the tobacco tax hike.
Sales and use taxes, combined with the individual income tax collections, make up approximately 75 percent of total General Fund revenues, and they continued to exhibit considerable weakness in December, falling $54.8 million compared to the previous year. For the first half of the fiscal year these taxes are off a combined 6.8 percent.
Among the major accounts:
• Sales and use tax receipts fell 8.2 percent in December, and are off 5.6 percent for the year.
• Corporation income tax receipts declined 36.0 percent and are down 36.6 percent for the year.
• Individual income tax collections fell 11.4 percent. Both withholding of payroll taxes and estimated tax payments showed considerable weakness in December. Year-to-date receipts are down 7.7 percent.
• Property tax collections rose 14.2 percent, and are up 5.2 percent for the year-to-date.
• Cigarette tax receipts increased 77.4 percent, and are up 74.7 percent for the year, consistent with the recent trends following the rate increase in April 2009.
• Coal severance tax receipts decreased 5.9 percent in a continuation of the recent trend downward, posting an 11.1 percent decline year-to-date.
For a detailed list of all receipts, click here. (Warning: PDF File!)