DATE: December 4, 2012
TO: The Honorable Terry E Branstad
The Honorable Kim Reynolds
FROM: David Roederer, Director
Department of Management
RE: November 2012 General Fund Receipts
Summary
Fiscal year-to-date gross receipts are 6.5 percent higher compared to November 2011. The current estimate for FY2013 is a growth rate of 4.3 percent for gross receipts and will be reviewed at the next Revenue Estimating Conference scheduled for December 12.
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Gross General Fund receipts for November 2012 totaled $667.3 million, an increase of 1.5 percent over the same period last year. Fiscal year-to-date, gross General Fund receipts totaled $2,924.3 million or 6.5 percent. The current estimate for FY2012 is 4.3 percent.
Personal Income Tax
Personal income tax receipts totaled $292.4 million during November 2012. This is $11.6 million or 4.1 percent more than the receipts of November 2011. Withholding tax receipts increased $7.7 million or 2.8 percent compared to last year. Estimated payments increased $1.7 million. Final return payments increased $2.2 million compared to what was received in November 2011. Fiscal year-to-date, personal income tax receipts totaled $1,378.7 million, an increase of 6.3 percent. The current estimate for personal income tax for Fiscal Year 2013 is for an increase of 5.3 percent.
Sales/Use Tax
November sales/use tax receipts totaled $303.5 million, which represents a decrease of $14.1 million or 4.4 percent over November 2011. Fiscal year-to-date, sales/use tax receipts totaled $1,110.1 million, an increase of 3.0 percent. The current estimate for sales/use tax for Fiscal Year 2013 is for an increase of 3.8 percent.
Corporate Income Tax
Corporate income tax receipts during November totaled $16.0 million, which is the same amount received in November 2011. Fiscal year-to-date corporate income tax receipts totaled $193.5 million, an increase of 28.1 percent. The REC’s estimate for corporate income tax for Fiscal Year 2013 is for an increase of 11.6 percent.
Refunds
For the month of November, the Department of Revenue issued $21.2 million in refunds on a cash basis. This compares to $56.8 million issued November 2011. For the fiscal year-to-date, total refunds issued on a cash basis were $135.1 million. This compares to $190.5 million issued at this time last year.
| STATE OF IOWA |
| GENERAL FUND RECEIPTS STATEMENT |
| FOR THE MONTH ENDING NOVEMBER 30, 2012 |
| ($ MILLIONS) |
| CASH BASIS |
|
|
|
|
|
| |
MONTH |
FY13 Over (Under) |
FY13 Annual |
| |
OF NOVEMBER |
FY12 |
Est Percent |
| |
FY12 |
FY13 |
Dollars |
Percent |
Of Growth |
| |
|
|
|
|
|
| Personal Income Tax |
$280.8 |
$292.4 |
$11.6 |
4.1% |
5.3% |
| Sales/Use Tax |
317.6 |
303.5 |
(14.1) |
-4.4% |
3.8% |
| Corporate Income Tax |
16.0 |
16.0 |
0.0 |
0.0% |
11.6% |
| Inheritance Tax |
6.2 |
6.7 |
0.5 |
8.1% |
5.0% |
| Insurance Premium Tax |
0.0 |
0.2 |
0.2 |
100.0% |
2.4% |
| Cigarette Tax |
0.0 |
0.0 |
0.0 |
0.0% |
-1.2% |
| Tobacco Tax |
0.0 |
0.0 |
0.0 |
0.0% |
-1.2% |
| Beer Tax |
1.0 |
1.2 |
0.2 |
20.0% |
1.4% |
| Franchise Tax |
0.1 |
0.3 |
0.2 |
200.0% |
5.8% |
| Miscellaneous Tax |
0.2 |
0.3 |
0.1 |
0.0% |
0.0% |
| |
|
|
|
|
|
| Total Special Taxes |
$621.9 |
$620.6 |
($1.3) |
-0.2% |
5.1% |
| |
|
|
|
|
|
| Institutional Payments |
0.9 |
1.5 |
0.6 |
66.7% |
7.0% |
| Liquor Transfers: |
0.0 |
7.8 |
7.8 |
0.0% |
0.0% |
| Interest |
0.2 |
0.3 |
0.1 |
50.0% |
0.0% |
| Fees |
1.9 |
0.8 |
(1.1) |
-57.9% |
-12.3% |
| Judicial Revenue |
9.8 |
9.9 |
0.1 |
1.0% |
0.1% |
| Miscellaneous Receipts |
3.6 |
2.4 |
(1.2) |
-33.3% |
-18.0% |
| Racing and Gaming |
19.3 |
24.0 |
4.7 |
0.0% |
-39.4% |
| |
|
|
|
|
|
| Total Receipts |
$657.6 |
$667.3 |
$9.7 |
1.5% |
4.3% |
| |
|
|
|
|
|
| Transfers |
$8.0 |
$0.3 |
($7.7) |
|
|
| |
|
|
|
|
|
| Total Rcpts & Transfers |
$665.6 |
$667.6 |
$2.0 |
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Reductions in General Fund Receipts |
|
|
|
|
| |
|
|
|
|
|
| School Infrastructure Transfer |
($33.8) |
($33.4) |
$0.4 |
|
|
| Refunds |
($56.8) |
($21.2) |
$35.6 |
|
|
| |
|
|
|
|
|
| Total Reductions in GF Receipts |
($90.6) |
($54.6) |
$36.0 |
|
|
| STATE OF IOWA |
| GENERAL FUND RECEIPTS STATEMENT |
| FOR THE FIVE MONTHS ENDING NOVEMBER 30, 2012 |
| ($ MILLIONS) |
| CASH BASIS |
|
|
|
|
|
| |
FIVE MONTHS |
FY13 Over (Under) |
FY13 Annual |
| |
THROUGH NOVEMBER |
FY12 |
Est Percent |
| |
FY12 |
FY13 |
Dollars |
Percent |
Of Growth |
| |
|
|
|
|
|
| Personal Income Tax |
$1,296.6 |
$1,378.7 |
$82.1 |
6.3% |
5.3% |
| Sales/Use Tax |
1,078.1 |
1,110.1 |
32.0 |
3.0% |
3.8% |
| Corporate Income Tax |
151.0 |
193.5 |
42.5 |
28.1% |
11.6% |
| Inheritance Tax |
29.9 |
34.3 |
4.4 |
14.7% |
5.0% |
| Insurance Premium Tax |
46.8 |
47.4 |
0.6 |
1.3% |
2.4% |
| Cigarette Tax |
0.0 |
0.0 |
0.0 |
0.0% |
-1.2% |
| Tobacco Tax |
2.5 |
2.5 |
0.0 |
0.0% |
-1.2% |
| Beer Tax |
6.5 |
6.9 |
0.4 |
6.2% |
1.4% |
| Franchise Tax |
12.2 |
13.9 |
1.7 |
13.9% |
5.8% |
| Miscellaneous Tax |
0.3 |
0.4 |
0.1 |
0.0% |
0.0% |
| |
|
|
|
|
|
| Total Special Taxes |
$2,623.9 |
$2,787.7 |
$163.8 |
6.2% |
5.1% |
| |
|
|
|
|
|
| Institutional Payments |
5.7 |
5.9 |
0.2 |
3.5% |
7.0% |
| Liquor Transfers: |
34.2 |
41.8 |
7.6 |
22.2% |
0.0% |
| Interest |
0.9 |
0.9 |
0.0 |
0.0% |
0.0% |
| Fees |
9.7 |
10.3 |
0.6 |
6.2% |
-12.3% |
| Judicial Revenue |
39.5 |
36.8 |
(2.7) |
-6.8% |
0.1% |
| Miscellaneous Receipts |
12.2 |
15.6 |
3.4 |
27.9% |
-18.0% |
| Racing and Gaming |
20.6 |
25.3 |
4.7 |
0.0% |
-39.4% |
| |
|
|
|
|
|
| Total Receipts |
$2,746.7 |
$2,924.3 |
$177.6 |
6.5% |
4.3% |
| |
|
|
|
|
|
| Transfers |
$45.6 |
$66.4 |
$20.8 |
|
|
| |
|
|
|
|
|
| Total Rcpts & Transfers |
$2,792.3 |
$2,990.7 |
$198.4 |
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Reductions in General Fund Receipts |
|
|
|
|
| |
|
|
|
|
|
| School Infrastructure Transfer |
($189.3) |
($191.4) |
($2.1) |
|
|
| Refunds |
(190.5) |
(135.1) |
55.4 |
|
|
| |
|
|
|
|
|
| Total Reductions in GF Receipts |
($379.8) |
($326.5) |
$53.3 |
|
|
