The monthly report on general fund revenue collections from the state’s Economic and Revenue Forecast Council (ERFC) was issued on Friday.

This report covers payments received between June 11 and July 10 for the sales tax, the use tax, the business and occupation tax, the public utility tax, the tobacco products tax, and penalties and interest (collectively the Revenue Act receipts), and it covers payments received between June 1 and June 30 for liquor taxes, cigarette tax, property tax, real estate excise tax, unclaimed property and other sources.

The total amount received this month was $2,309.6 million, $4.7 million (0.2%) less than the amount expected under the forecast that ERFC adopted on June 22nd. During the month there were three large unanticipated refunds totaling $25.7 million, which contributed to the shortfall.

Revenue Act taxes (primarily the sales, use, utility, and business and occupation taxes) exceeded forecast by $5.0 million (0.3%). These taxes generally reflect economic activity in the month of May. Without the three refunds, Revenue Act collections would have exceeded forecast by $30.7 million, and the year-over-year increase in Revenue Act tax collections would have been 8.3% This is greater than the 6.3% increase in the Bureau of Economic Analysis’s price index for personal consumption expenditures from May 2021 to May 2022.

Here is a chart showing seasonally adjusted Revenue Act receipts since 2004:

Non-Revenue Act taxes were $9.7 million (1.7%) short of forecast. Within this category real estate excise tax collections were $5.2 million (3.5%) short of forecast. Year-over-year, non-Revenue Act tax collections increased by 9.4%.

The collections report is available here.