DATE: May 4, 2015
TO: The Honorable Terry E Branstad
The Honorable Kim Reynolds
FROM: David Roederer, Director
Department of Management
RE: April 2015 General Fund Receipts
Summary
Fiscal year-to-date gross receipts are 3.6 percent higher compared to same period last year. The current estimate for FY2015 is a growth rate of 3.8 percent for gross receipts.
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Gross General Fund receipts for April 2015 totaled $686.8 million, an increase of 5.3 percent over the same period last year. Fiscal year-to-date, gross General Fund receipts totaled $6,436.0 million or 3.6 percent increase over the same period last year. The current estimate for Fiscal Year 2015 is 3.8 percent.
Personal Income Tax
Personal income tax receipts totaled $422.1 million during April 2015. This is $14.2 million or 3.5 percent more than the receipts of April 2014. Withholding tax receipts increased $6.1 million or 3.0 percent compared to last year. Estimated payments increased $7.6 million. Final return payments increased $0.5 million. Fiscal year-to-date, personal income tax receipts totaled $3,277.0 million, an increase of 4.2 percent. The current estimate for personal income tax for Fiscal Year 2015 is for an increase of 4.7 percent.
Sales/Use Tax
April sales/use tax receipts totaled $159.2 million, which represents an increase of $8.0 million or 5.3 percent over April 2014. Fiscal year-to-date, sales/use tax receipts totaled $2,222.5 million, an increase of 4.5 percent. The current estimate for sales/use tax for Fiscal Year 2015 is for an increase of 4.5 percent.
Corporate Income Tax
Corporate income tax receipts during April totaled $59.4 million, which is $4.2 million or 7.6 percent more than in April 2014. Fiscal year-to-date corporate income tax receipts totaled $427.3 million, a decrease of 2.0 percent. The REC’s estimate for corporate income tax for Fiscal Year 2015 is for an increase of 0.1 percent.
Refunds
For the month of April, the Department of Revenue issued $238.0 million in refunds on a cash basis. This compares to $225.1 million issued April 2014. For the fiscal year-to-date, total refunds issued on a cash basis were $867.3 million. This compares to $871.7 million issued at this time last year.
| STATE OF IOWA |
| GENERAL FUND RECEIPTS STATEMENT |
| FOR THE MONTH ENDING APRIL 30, 2015 |
| ($ MILLIONS) |
| CASH BASIS |
|
|
|
|
|
| |
MONTH |
FY15 Over (Under) |
FY15 Annual |
| |
OF APRIL |
FY14 |
Est Percent |
| |
FY14 |
FY15 |
Dollars |
Percent |
Of Growth |
| |
|
|
|
|
|
| Personal Income Tax |
$407.9 |
$422.1 |
$14.2 |
3.5% |
4.7% |
| Sales/Use Tax |
151.2 |
159.2 |
8.0 |
5.3% |
4.5% |
| Corporate Income Tax |
55.2 |
59.4 |
4.2 |
7.6% |
0.1% |
| Inheritance Tax |
7.5 |
5.6 |
(1.9) |
-25.3% |
0.0% |
| Insurance Premium Tax |
0.1 |
0.0 |
(0.1) |
0.0% |
1.2% |
| Cigarette Tax |
0.0 |
0.0 |
0.0 |
0.0% |
0.0% |
| Tobacco Tax |
0.0 |
0.0 |
0.0 |
0.0% |
-100.0% |
| Beer Tax |
1.0 |
1.1 |
0.1 |
100.0% |
0.0% |
| Franchise Tax |
3.2 |
6.9 |
3.7 |
115.6% |
-7.9% |
| Miscellaneous Tax |
0.3 |
0.6 |
0.3 |
0.0% |
0.0% |
| |
|
|
|
|
|
| Total Special Taxes |
$626.4 |
$654.9 |
$28.5 |
4.5% |
4.1% |
| |
|
|
|
|
|
| Institutional Payments |
1.0 |
2.7 |
1.7 |
170.0% |
-14.2% |
| Liquor Transfers: |
7.8 |
9.6 |
1.8 |
23.1% |
1.3% |
| Interest |
0.3 |
0.3 |
0.0 |
0.0% |
0.0% |
| Fees |
1.6 |
2.0 |
0.4 |
25.0% |
-8.3% |
| Judicial Revenue |
11.2 |
11.0 |
(0.2) |
-1.8% |
-3.8% |
| Miscellaneous Receipts |
4.2 |
6.3 |
2.1 |
50.0% |
-8.3% |
| Racing and Gaming |
0.0 |
0.0 |
0.0 |
0.0% |
0.0% |
| |
|
|
|
|
|
| Total Receipts |
$652.5 |
$686.8 |
$34.3 |
5.3% |
3.8% |
| |
|
|
|
|
|
| Transfers |
$16.4 |
$30.0 |
$13.6 |
|
|
| |
|
|
|
|
|
| Total Rcpts & Transfers |
$668.9 |
$716.8 |
$47.9 |
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Reductions in General Fund Receipts |
|
|
|
|
| |
|
|
|
|
|
| School Infrastructure Transfer |
($32.3) |
($35.4) |
($3.1) |
|
|
| Refunds |
($225.1) |
($238.0) |
($12.9) |
|
|
| |
|
|
|
|
|
| Total Reductions in GF Receipts |
($257.4) |
($273.4) |
($16.0) |
|
|
| STATE OF IOWA |
| GENERAL FUND RECEIPTS STATEMENT |
| FOR THE TEN MONTHS ENDING APRIL 30, 2015 |
| ($ MILLIONS) |
| CASH BASIS |
|
|
|
|
|
| |
TEN MONTHS |
FY15 Over (Under) |
FY15 Annual |
| |
THROUGH APRIL |
FY14 |
Est Percent |
| |
FY14 |
FY15 |
Dollars |
Percent |
Of Growth |
| |
|
|
|
|
|
| Personal Income Tax |
$3,227.0 |
$3,362.1 |
$135.1 |
4.2% |
4.7% |
| Sales/Use Tax |
2,126.3 |
2,222.5 |
96.2 |
4.5% |
4.5% |
| Corporate Income Tax |
436.0 |
427.3 |
(8.7) |
-2.0% |
0.1% |
| Inheritance Tax |
75.0 |
73.1 |
(1.9) |
-2.5% |
0.0% |
| Insurance Premium Tax |
61.9 |
63.4 |
1.5 |
2.4% |
1.2% |
| Cigarette Tax |
0.0 |
0.0 |
0.0 |
0.0% |
0.0% |
| Tobacco Tax |
1.4 |
0.0 |
(1.4) |
-100.0% |
-100.0% |
| Beer Tax |
11.6 |
11.9 |
0.3 |
2.6% |
0.0% |
| Franchise Tax |
32.1 |
33.9 |
1.8 |
5.6% |
-7.9% |
| Miscellaneous Tax |
1.0 |
1.2 |
0.2 |
0.0% |
0.0% |
| |
|
|
|
|
|
| Total Special Taxes |
$5,972.3 |
$6,195.4 |
$223.1 |
3.7% |
4.1% |
| |
|
|
|
|
|
| Institutional Payments |
10.7 |
13.1 |
2.4 |
22.4% |
-14.2% |
| Liquor Transfers: |
81.6 |
88.7 |
7.1 |
8.7% |
1.3% |
| Interest |
2.7 |
3.0 |
0.3 |
11.1% |
0.0% |
| Fees |
25.6 |
24.0 |
(1.6) |
-6.3% |
-8.3% |
| Judicial Revenue |
80.5 |
77.8 |
(2.7) |
-3.4% |
-3.8% |
| Miscellaneous Receipts |
36.3 |
34.0 |
(2.3) |
-6.3% |
-8.3% |
| Racing and Gaming |
0.0 |
0.0 |
0.0 |
0.0% |
0.0% |
| |
|
|
|
|
|
| Total Receipts |
$6,209.7 |
$6,436.0 |
$226.3 |
3.6% |
3.8% |
| |
|
|
|
|
|
| Transfers |
$138.5 |
$123.6 |
($14.9) |
|
|
| |
|
|
|
|
|
| Total Rcpts & Transfers |
$6,348.2 |
$6,559.6 |
$211.4 |
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Reductions in General Fund Receipts |
|
|
|
|
| |
|
|
|
|
|
| School Infrastructure Transfer |
($384.0) |
($382.8) |
$1.2 |
|
|
| Refunds |
(871.7) |
(867.3) |
4.4 |
|
|
| |
|
|
|
|
|
| Total Reductions in GF Receipts |
($1,255.7) |
($1,250.1) |
$5.6 |
|
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april_2015_general_fund_memo.pdf