August 2013 General Fund Receipts

Document highlights general fund receipts for Fiscal Year 2014 through August 31, 2013.

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august_2013_general_fund_receipts_memo.pdf	255.92 KB

Date Published	09/04/2013
Fiscal Year	2014
Topic(s)	General Fund Receipts

Document Text Version

DATE: September 4, 2013

TO: The Honorable Terry E Branstad

The Honorable Kim Reynolds

FROM: David Roederer, Director

Department of Management

RE: August 2013 General Fund Receipts

Summary

Fiscal year-to-date gross receipts are 2.8 percent higher compared to August 2012. The current estimate for FY2014 is a growth rate of 2.6 percent for gross receipts.

Gross General Fund receipts for August 2013 totaled $710.5 million, an increase of 2.1 percent over the same period last year. There was one less processing day in August 2013 compared to August 2012. Fiscal year-to-date, gross General Fund receipts totaled $1,189.4 million or 2.8%. The current estimate for FY2014 is 2.6 percent.

Personal Income Tax

Personal income tax receipts totaled $306.6 million during August 2013. This is $2.5 million or 0.8 percent more than the receipts of August 2012. Withholding tax receipts increased $11.1 million or 3.9 percent compared to last year. Estimated payments increased $0.8 million. Final return payments decreased $9.6 million. Fiscal year-to-date, personal income tax receipts totaled $538.9 million, an increase of 0.9 percent. The current estimate for personal income tax for Fiscal Year 2013 is for an increase of 1.2 percent.

Sales/Use Tax

August sales/use tax receipts totaled $308.2 million, which represents an increase of $4.8 million or 1.6 percent over August 2012. Fiscal year-to-date, sales/use tax receipts totaled $468.1 million, an increase of 4.2 percent. The current estimate for sales/use tax for Fiscal Year 2013 is for an increase of 5.0 percent.

Corporate Income Tax

Corporate income tax receipts during August totaled $16.4 million, which is $0.6 million or 3.8 percent more than in August 2012. Fiscal year-to-date corporate income tax receipts totaled $70.7 million, an increase of 13.8 percent. The REC’s estimate for corporate income tax for Fiscal Year 2012 is for a decrease of 20.0 percent.

Refunds

For the month of August, the Department of Revenue issued $26.5 million in refunds on a cash basis. This compares to $22.7 million issued August 2012. For the fiscal year-to-date, total refunds issued on a cash basis were $59.2 million. This compares to $51.2 million issued at this time last year.

FY 2013 Year-to-Date Net General Fund Receipts on an Accrual Basis

As can be seen from the chart below, year-to-date net General Fund receipts on an accrual basis have increased 7.7 percent, which is better than the REC’s estimate of 5.2 percent. We will update this table monthly until the State’s books are closed at the end of September 2013.

Net General Fund Receipts
Accrual Basis
Through August 31, 2013
					REC
	FY12	FY13	Variance	Percent	Estimate

Total Gross Receipts	6,882.7	7,330.4	447.7	6.5%	5.1%
Transfers	91.0	109.6	18.6	20.4%	1.9%
Refunds	(820.6)	(830.5)	(9.9)	1.2%	4.9%
School Infrastructure Transfer	(404.4)	(417.8)	(13.4)	3.3%	3.2%

Net General Fund Revenues	5,748.7	6,191.7	443.0	7.7%	5.2%

STATE OF IOWA
GENERAL FUND RECEIPTS STATEMENT
FOR THE MONTH ENDING AUGUST 31, 2013
($ MILLIONS)
CASH BASIS
	MONTH		FY14 Over (Under)		FY14 Annual
	OF AUGUST		FY13		Est Percent
	FY13	FY14	Dollars	Percent	Of Growth

Personal Income Tax	$304.1	$306.6	$2.5	0.8%	1.2%
Sales/Use Tax	303.4	308.2	4.8	1.6%	5.0%
Corporate Income Tax	15.8	16.4	0.6	3.8%	20.0%
Inheritance Tax	8.5	6.4	(2.1)	-24.7%	16.0%
Insurance Premium Tax	46.3	48.3	2.0	4.3%	4.3%
Cigarette Tax	0.0	0.0	0.0	0.0%	-7.7%
Tobacco Tax	0.0	0.0	0.0	0.0%	-8.0%
Beer Tax	0.0	1.4	1.4	100.0%	1.4%
Franchise Tax	0.2	0.1	(0.1)	-50.0%	11.7%
Miscellaneous Tax	0.0	0.0	0.0	0.0%	0.0%

Total Special Taxes	$678.3	$687.4	$9.1	1.3%	2.6%

Institutional Payments	1.5	1.8	0.3	20.0%	1.4%
Liquor Transfers:	9.7	11.1	1.4	14.4%	-1.1%
Interest	0.1	0.1	0.0	0.0%	-3.8%
Fees	2.7	2.8	0.1	3.7%	-7.2%
Judicial Revenue	1.1	2.0	0.9	81.8%	1.9%
Miscellaneous Receipts	2.2	5.3	3.1	140.9%	-26.8%
Racing and Gaming	0.0	0.0	0.0	0.0%	65.0%

Total Receipts	$695.6	$710.5	$14.9	2.1%	2.6%

Transfers	$0.5	$4.4	$3.9

Total Rcpts & Transfers	$696.1	$714.9	$18.8


Reductions in General Fund Receipts

School Infrastructure Transfer	($33.4)	($35.9)	($2.5)
Refunds	($22.7)	($26.5)	($3.8)

Total Reductions in GF Receipts	($56.1)	($62.4)	($6.3)

STATE OF IOWA
GENERAL FUND RECEIPTS STATEMENT
FOR THE TWO MONTHS ENDING AUGUST 31, 2013
($ MILLIONS)
CASH BASIS
	TWO MONTHS		FY14 Over (Under)		FY14 Annual
	THROUGH AUGUST		FY13		Est Percent
	FY13	FY14	Dollars	Percent	Of Growth

Personal Income Tax	$533.9	$538.9	$5.0	0.9%	1.2%
Sales/Use Tax	449.2	468.1	18.9	4.2%	5.0%
Corporate Income Tax	62.1	70.7	8.6	13.8%	20.0%
Inheritance Tax	14.3	14.2	(0.1)	-0.7%	16.0%
Insurance Premium Tax	47.2	48.8	1.6	3.4%	4.3%
Cigarette Tax	0.0	0.0	0.0	0.0%	-7.7%
Tobacco Tax	2.5	1.4	(1.1)	-44.0%	-8.0%
Beer Tax	1.7	2.7	1.0	58.8%	1.4%
Franchise Tax	4.4	5.3	0.9	20.5%	11.7%
Miscellaneous Tax	0.0	0.0	0.0	0.0%	0.0%

Total Special Taxes	$1,115.3	$1,150.1	$34.8	3.1%	2.6%

Institutional Payments	2.5	2.9	0.4	16.0%	1.4%
Liquor Transfers:	18.0	14.3	(3.7)	-20.6%	-1.1%
Interest	0.3	0.3	0.0	0.0%	-3.8%
Fees	4.7	5.2	0.5	10.6%	-7.2%
Judicial Revenue	10.1	8.7	(1.4)	-13.9%	1.9%
Miscellaneous Receipts	6.3	7.9	1.6	25.4%	-26.8%
Racing and Gaming	0.0	0.0	0.0	0.0%	65.0%

Total Receipts	$1,157.2	$1,189.4	$32.2	2.8%	2.6%

Transfers	$18.4	$26.8	$8.4

Total Rcpts & Transfers	$1,175.6	$1,216.2	$40.6


Reductions in General Fund Receipts

School Infrastructure Transfer	($88.1)	($104.0)	($15.9)
Refunds	(51.2)	(59.2)	(8.0)

Total Reductions in GF Receipts	($139.3)	($163.2)	($23.9)

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August 2013 General Fund Receipts

Summary