DATE: March 4, 2013
TO: The Honorable Terry E Branstad
The Honorable Kim Reynolds
FROM: David Roederer, Director
Department of Management
RE: February 2013 General Fund Receipts
Summary
Fiscal year-to-date gross receipts are 6.4 percent higher compared to the same period last year. Gross receipts are running ahead of the Revenue Estimating Conference estimate of 4.4 percent for the fiscal year. The Conference is scheduled to revisit the estimate March 22.
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Gross General Fund receipts for February 2013 totaled $716.5 million, an increase of 5.2 percent over the same period last year. February 2013 had one less processing day compared to February 2012. Fiscal year-to-date, gross General Fund receipts totaled $4,923.4 million or 6.4 percent. The current estimate for FY2013 is 4.4 percent.
Personal Income Tax
Personal income tax receipts totaled $346.9 million during February 2013. This is $31.3 million or 9.9 percent more than the receipts of February 2012. Withholding tax receipts increased $35.9 million or 12.4 percent compared to last year. Estimated payments increased $3.7 million. Final return payments decreased $8.3 million compared to what was received in February 2012. Fiscal year-to-date, personal income tax receipts totaled $2,457.9 million, an increase of 10.3 percent. The current estimate for personal income tax for Fiscal Year 2013 is for an increase of 5.2 percent.
Sales/Use Tax
February sales/use tax receipts totaled $300.4 million, which represents an increase of $5.3 million or 1.8 percent over February 2012. Fiscal year-to-date, sales/use tax receipts totaled $1,747.3 million, an increase of 2.9 percent. The current estimate for sales/use tax for Fiscal Year 2013 is for an increase of 3.1 percent.
Corporate Income Tax
Corporate income tax receipts during February totaled $22.4 million, which is an increase of $0.7 million or 3.2 percent over February 2012. Fiscal year-to-date corporate income tax receipts totaled $308.8 million, an increase of 10.9 percent. The REC’s estimate for corporate income tax for Fiscal Year 2013 is for an increase of 13.9 percent.
Refunds
For the month of February, the Department of Revenue issued $163.0 million in refunds on a cash basis. This compares to $170.9 million issued February 2012. For the fiscal year-to-date, total refunds issued on a cash basis were $358.3 million. This compares to $422.4 million issued at this time last year.
| STATE OF IOWA |
| GENERAL FUND RECEIPTS STATEMENT |
| FOR THE MONTH ENDING FEBRUARY 28, 2013 |
| ($ MILLIONS) |
| CASH BASIS |
|
|
|
|
|
| |
MONTH |
FY13 Over (Under) |
FY13 Annual |
| |
OF FEBRUARY |
FY12 |
Est Percent |
| |
FY12 |
FY13 |
Dollars |
Percent |
Of Growth |
| |
|
|
|
|
|
| Personal Income Tax |
$315.6 |
$346.9 |
$31.3 |
9.9% |
5.2% |
| Sales/Use Tax |
295.1 |
300.4 |
5.3 |
1.8% |
3.1% |
| Corporate Income Tax |
21.7 |
22.4 |
0.7 |
3.2% |
13.9% |
| Inheritance Tax |
4.9 |
6.9 |
2.0 |
40.8% |
9.8% |
| Insurance Premium Tax |
1.6 |
1.4 |
(0.2) |
100.0% |
2.6% |
| Cigarette Tax |
13.4 |
10.9 |
(2.5) |
0.0% |
0.0% |
| Tobacco Tax |
1.7 |
0.7 |
(1.0) |
0.0% |
2.5% |
| Beer Tax |
0.9 |
0.9 |
0.0 |
0.0% |
3.5% |
| Franchise Tax |
0.9 |
0.5 |
(0.4) |
-44.4% |
10.4% |
| Miscellaneous Tax |
0.0 |
0.0 |
0.0 |
0.0% |
0.0% |
| |
|
|
|
|
|
| Total Special Taxes |
$655.8 |
$691.0 |
$35.2 |
5.4% |
5.0% |
| |
|
|
|
|
|
| Institutional Payments |
0.7 |
1.6 |
0.9 |
128.6% |
12.4% |
| Liquor Transfers: |
6.3 |
7.8 |
1.5 |
0.0% |
0.0% |
| Interest |
0.2 |
0.2 |
0.0 |
0.0% |
0.0% |
| Fees |
5.2 |
3.6 |
(1.6) |
-30.8% |
-9.2% |
| Judicial Revenue |
11.1 |
10.5 |
(0.6) |
-5.4% |
0.1% |
| Miscellaneous Receipts |
2.1 |
1.8 |
(0.3) |
-14.3% |
-15.6% |
| Racing and Gaming |
0.0 |
0.0 |
0.0 |
0.0% |
-39.4% |
| |
|
|
|
|
|
| Total Receipts |
$681.4 |
$716.5 |
$35.1 |
5.2% |
4.4% |
| |
|
|
|
|
|
| Transfers |
$0.0 |
$3.5 |
$3.5 |
|
|
| |
|
|
|
|
|
| Total Rcpts & Transfers |
$681.4 |
$720.0 |
$38.6 |
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Reductions in General Fund Receipts |
|
|
|
|
| |
|
|
|
|
|
| School Infrastructure Transfer |
($31.0) |
($31.4) |
($0.4) |
|
|
| Refunds |
($170.9) |
($163.0) |
$7.9 |
|
|
| |
|
|
|
|
|
| Total Reductions in GF Receipts |
($201.9) |
($194.4) |
$7.5 |
|
|
| STATE OF IOWA |
| GENERAL FUND RECEIPTS STATEMENT |
| FOR THE EIGHT MONTHS ENDING FEBRUARY 28, 2013 |
| ($ MILLIONS) |
| CASH BASIS |
|
|
|
|
|
| |
EIGHT MONTHS |
FY13 Over (Under) |
FY13 Annual |
| |
THROUGH FEBRUARY |
FY12 |
Est Percent |
| |
FY12 |
FY13 |
Dollars |
Percent |
Of Growth |
| |
|
|
|
|
|
| Personal Income Tax |
$2,228.5 |
$2,457.9 |
$229.4 |
10.3% |
5.2% |
| Sales/Use Tax |
1,697.3 |
1,747.3 |
50.0 |
2.9% |
3.1% |
| Corporate Income Tax |
278.5 |
308.8 |
30.3 |
10.9% |
13.9% |
| Inheritance Tax |
51.9 |
59.3 |
7.4 |
14.3% |
9.8% |
| Insurance Premium Tax |
48.5 |
49.0 |
0.5 |
1.0% |
2.6% |
| Cigarette Tax |
31.8 |
30.9 |
(0.9) |
0.0% |
0.0% |
| Tobacco Tax |
6.9 |
7.3 |
0.4 |
5.8% |
2.5% |
| Beer Tax |
9.7 |
10.0 |
0.3 |
3.1% |
3.5% |
| Franchise Tax |
22.6 |
24.0 |
1.4 |
6.2% |
10.4% |
| Miscellaneous Tax |
0.4 |
0.4 |
0.0 |
0.0% |
0.0% |
| |
|
|
|
|
|
| Total Special Taxes |
$4,376.1 |
$4,694.9 |
$318.8 |
7.3% |
5.0% |
| |
|
|
|
|
|
| Institutional Payments |
7.4 |
9.2 |
1.8 |
24.3% |
12.4% |
| Liquor Transfers: |
60.9 |
65.9 |
5.0 |
8.2% |
0.0% |
| Interest |
1.6 |
1.6 |
0.0 |
0.0% |
0.0% |
| Fees |
21.7 |
20.4 |
(1.3) |
-6.0% |
-9.2% |
| Judicial Revenue |
68.5 |
63.6 |
(4.9) |
-7.2% |
0.1% |
| Miscellaneous Receipts |
26.4 |
27.8 |
1.4 |
5.3% |
-15.6% |
| Racing and Gaming |
66.0 |
40.0 |
(26.0) |
0.0% |
-39.4% |
| |
|
|
|
|
|
| Total Receipts |
$4,628.6 |
$4,923.4 |
$294.8 |
6.4% |
4.4% |
| |
|
|
|
|
|
| Transfers |
$64.8 |
$92.5 |
$27.7 |
|
|
| |
|
|
|
|
|
| Total Rcpts & Transfers |
$4,693.4 |
$5,015.9 |
$322.5 |
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Reductions in General Fund Receipts |
|
|
|
|
| |
|
|
|
|
|
| School Infrastructure Transfer |
($286.1) |
($288.7) |
($2.6) |
|
|
| Refunds |
(422.4) |
(358.3) |
64.1 |
|
|
| |
|
|
|
|
|
| Total Reductions in GF Receipts |
($708.5) |
($647.0) |
$61.5 |
|
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february_2013_general_fund_receipts_memo.pdf