DATE: January 5, 2016
TO: The Honorable Terry E Branstad
The Honorable Kim Reynolds
FROM: David Roederer, Director
Department of Management
RE: December 2015 General Fund Receipts
Summary
Fiscal year-to-date gross receipts are 2.7 percent higher compared to December 2014. The current estimate for Fiscal Year 2016 is 3.7 percent.
|
Gross General Fund receipts for December 2015 totaled $643.3 million, a decrease of 5.1 percent over the same period last year. There was one more processing day this December compared to December 2014. Fiscal year-to-date, gross General Fund receipts totaled $3,850.5 million or 2.7 percent. The current estimate for FY2016 is 3.7 percent.
Personal Income Tax
Personal income tax receipts totaled $346.0 million during December 2015. This is $4.9 million or 1.4 percent more than the receipts of December 2014. Withholding tax receipts decreased $8.3 million or 2.9 percent compared to last year. Estimated payments were $11.2 million more than December 2014. Final return payments increased $2.0 million. Fiscal year-to-date, personal income tax receipts totaled $1,927.0 million, an increase of 5.5 percent. The current estimate for personal income tax for Fiscal Year 2016 is for an increase of 7.0 percent.
Sales/Use Tax
December sales/use tax receipts totaled $188.8 million, which represents a decrease of $28.0 million or 12.9 percent over December 2014. Fiscal year-to-date, sales/use tax receipts totaled $1,436.9 million, an increase of 2.1 percent. The current estimate for sales/use tax for Fiscal Year 2015 is for an increase of 3.1 percent.
Corporate Income Tax
Corporate income tax receipts during December totaled $71.6 million, which is $10.9 million or 13.2 percent less than in December 2014. Fiscal year-to-date corporate income tax receipts totaled $225.1 million, a decrease of 14.9 percent. The REC’s estimate for corporate income tax for Fiscal Year 2015 is for a decrease of 13.2 percent.
Refunds
For the month of December, the Department of Revenue issued $50.8 million in refunds on a cash basis. This compares to $68.5 million issued December 2014. For the fiscal year-to-date, total refunds issued on a cash basis were $240.9 million. This compares to $214.1 million issued at this time last year.
| STATE OF IOWA |
| GENERAL FUND RECEIPTS STATEMENT |
| FOR THE MONTH ENDING DECEMBER 31, 2015 |
| ($ MILLIONS) |
| CASH BASIS |
|
|
|
|
|
| |
MONTH |
FY16 Over (Under) |
FY16 Annual |
| |
OF DECEMBER |
FY15 |
Est Percent |
| |
FY15 |
FY16 |
Dollars |
Percent |
Of Growth |
| |
|
|
|
|
|
| Personal Income Tax |
$341.1 |
$346.0 |
$4.9 |
1.4% |
7.0% |
| Sales/Use Tax |
216.8 |
188.8 |
(28.0) |
-12.9% |
3.1% |
| Corporate Income Tax |
82.5 |
71.6 |
(10.9) |
-13.2% |
-13.2% |
| Inheritance Tax |
8.5 |
8.4 |
(0.1) |
-1.2% |
8.0% |
| Insurance Premium Tax |
0.4 |
0.2 |
(0.2) |
0.0% |
-6.0% |
| Cigarette Tax |
0.0 |
0.0 |
0.0 |
0.0% |
0.0% |
| Tobacco Tax |
0.0 |
0.0 |
0.0 |
0.0% |
0.0% |
| Beer Tax |
1.3 |
1.0 |
(0.3) |
-23.1% |
0.0% |
| Franchise Tax |
9.4 |
7.0 |
(2.4) |
-25.5% |
2.8% |
| Miscellaneous Tax |
0.1 |
0.1 |
0.0 |
0.0% |
0.0% |
| |
|
|
|
|
|
| Total Special Taxes |
$660.1 |
$623.1 |
($37.0) |
-5.6% |
3.9% |
| |
|
|
|
|
|
| Institutional Payments |
0.5 |
0.4 |
(0.1) |
-20.0% |
-58.1% |
| Liquor Transfers: |
7.5 |
10.7 |
3.2 |
42.7% |
-5.4% |
| Interest |
0.5 |
0.6 |
0.1 |
20.0% |
8.1% |
| Fees |
2.9 |
2.8 |
(0.1) |
-3.4% |
-0.4% |
| Judicial Revenue |
4.0 |
4.0 |
0.0 |
0.0% |
12.0% |
| Miscellaneous Receipts |
2.2 |
1.7 |
(0.5) |
-22.7% |
-1.3% |
| Racing and Gaming |
0.0 |
0.0 |
0.0 |
0.0% |
0.0% |
| |
|
|
|
|
|
| Total Receipts |
$677.7 |
$643.3 |
($34.4) |
-5.1% |
3.7% |
| |
|
|
|
|
|
| Transfers |
$0.5 |
$0.3 |
($0.2) |
|
|
| |
|
|
|
|
|
| Total Rcpts & Transfers |
$678.2 |
$643.6 |
($34.6) |
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Reductions in General Fund Receipts |
|
|
|
|
| |
|
|
|
|
|
| School Infrastructure Transfer |
($30.9) |
($40.2) |
($9.3) |
|
|
| Refunds |
($68.5) |
($50.8) |
$17.7 |
|
|
| |
|
|
|
|
|
| Total Reductions in GF Receipts |
($99.4) |
($91.0) |
$8.4 |
|
|
| STATE OF IOWA |
| GENERAL FUND RECEIPTS STATEMENT |
| FOR THE SIX MONTHS ENDING DECEMBER 31, 2015 |
| ($ MILLIONS) |
| CASH BASIS |
|
|
|
|
|
| |
SIX MONTHS |
FY16 Over (Under) |
FY16 Annual |
| |
THROUGH DECEMBER |
FY15 |
Est Percent |
| |
FY15 |
FY16 |
Dollars |
Percent |
Of Growth |
| |
|
|
|
|
|
| Personal Income Tax |
$1,826.0 |
$1,927.0 |
$101.0 |
5.5% |
7.0% |
| Sales/Use Tax |
1,406.8 |
1,436.9 |
30.1 |
2.1% |
3.1% |
| Corporate Income Tax |
264.5 |
225.1 |
(39.4) |
-14.9% |
-13.2% |
| Inheritance Tax |
47.6 |
52.4 |
4.8 |
10.1% |
8.0% |
| Insurance Premium Tax |
52.3 |
52.6 |
0.3 |
0.6% |
-6.0% |
| Cigarette Tax |
0.0 |
0.0 |
0.0 |
0.0% |
0.0% |
| Tobacco Tax |
0.0 |
0.0 |
0.0 |
0.0% |
0.0% |
| Beer Tax |
7.8 |
7.4 |
(0.4) |
-5.1% |
0.0% |
| Franchise Tax |
21.6 |
21.2 |
(0.4) |
-1.9% |
2.8% |
| Miscellaneous Tax |
0.5 |
0.5 |
0.0 |
0.0% |
0.0% |
| |
|
|
|
|
|
| Total Special Taxes |
$3,627.1 |
$3,723.1 |
$96.0 |
2.6% |
3.9% |
| |
|
|
|
|
|
| Institutional Payments |
7.3 |
6.4 |
(0.9) |
-12.3% |
-58.1% |
| Liquor Transfers: |
52.2 |
57.8 |
5.6 |
10.7% |
-5.4% |
| Interest |
1.6 |
2.0 |
0.4 |
25.0% |
8.1% |
| Fees |
12.4 |
12.3 |
(0.1) |
-0.8% |
-0.4% |
| Judicial Revenue |
37.2 |
36.1 |
(1.1) |
-3.0% |
12.0% |
| Miscellaneous Receipts |
11.9 |
12.8 |
0.9 |
7.6% |
-1.3% |
| Racing and Gaming |
0.0 |
0.0 |
0.0 |
0.0% |
0.0% |
| |
|
|
|
|
|
| Total Receipts |
$3,749.7 |
$3,850.5 |
$100.8 |
2.7% |
3.7% |
| |
|
|
|
|
|
| Transfers |
$56.0 |
$48.8 |
($7.2) |
|
|
| |
|
|
|
|
|
| Total Rcpts & Transfers |
$3,805.7 |
$3,899.3 |
$93.6 |
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Reductions in General Fund Receipts |
|
|
|
|
| |
|
|
|
|
|
| School Infrastructure Transfer |
($237.5) |
($245.1) |
($7.6) |
|
|
| Refunds |
(214.1) |
(240.9) |
(26.8) |
|
|
| |
|
|
|
|
|
| Total Reductions in GF Receipts |
($451.6) |
($486.0) |
($34.4) |
|
|
