The state’s Economic and Revenue Forecast Council (ERFC) released its June report on state general fund revenue collections today. This is the second collections report to show the effect of COVID-19 on state revenues.

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), this report covers payments received between May 11 and June 10, which generally relate to transactions that occurred in the month of April.

For liquor taxes, cigarette tax, property tax, real estate excise tax, unclaimed property and other sources, the report covers payments received between May 1 and May 31.

The total amount received was $2,677.6 million. This was $464.8 million (14.8%) less than the amount that had been forecasted. Property taxes account $254.9 million of this shortfall. Most of the property-tax shortfall is due to two-month deferrals granted by many large counties. Payments of the deferred property taxes are due by the end of June. The only sources that came in above forecast were liquor taxes ($8.0 million above forecast) and unclaimed property ($6.6 million).

Adjusted for deferred payments that are expected to be received by the end of this month, cumulative payments for the last three months are approximately $460 million less than had been forecasted.

Here is a chart of seasonally adjusted Revenue Act Receipts since 2004:

The full Economic and Revenue Update is available here.