DATE: November 2, 2012
TO: The Honorable Terry E Branstad
The Honorable Kim Reynolds
FROM: David Roederer, Director
Department of Management
RE: October 2012 General Fund Receipts
Summary
Fiscal year-to-date gross receipts are 8.0 percent higher compared to October 2011. All three major taxes are contributing to the growth, with corporate income tax growing at 31.5 percent, personal income tax growing at 6.9 percent and sales/use tax growing at 5.1 percent. The current estimate for FY2013 is a growth rate of 4.3 percent for gross receipts.
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Gross General Fund receipts for October 2012 totaled $526.0 million, an increase of 12.8 percent over the same period last year. October 2012 had 2 more processing days compared to October 2011. Also individual, corporate and franchise estimate payments for the third quarter were due September 31 last year, but October 1 this year due to September 31 falling on a weekend. It is estimated $22.3 million in deposits were pushed into October as a result of the due date change. Fiscal year-to-date, gross General Fund receipts totaled $2,257.0 million or 8.0%. The current estimate for FY2012 is 4.3 percent.
Personal Income Tax
Personal income tax receipts totaled $260.9 million during October 2012. This is $20.0 million or 8.3 percent more than the receipts of October 2011. Withholding tax receipts increased $4.4 million or 2.2 percent compared to last year. Estimated payments increased $15.6 million with a significant portion of the increase due to the due date for estimate payments moving to October 1 compared to September 31 last year. Final return payments were at the same amount as received in October 2011. Fiscal year-to-date, personal income tax receipts totaled $1,086.3 million, an increase of 6.9 percent. The current estimate for personal income tax for Fiscal Year 2013 is for an increase of 4.2 percent.
Sales/Use Tax
October sales/use tax receipts totaled $163.4 million, which represents an increase of $23.4 million or 16.8 percent over October 2011. Fiscal year-to-date, sales/use tax receipts totaled $806.6 million, an increase of 6.1 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 October totaled $61.2 million, which is $12.4 million or 25.4 percent more than in October 2011. Fiscal year-to-date corporate income tax receipts totaled $177.5 million, an increase of 31.5 percent. The REC’s estimate for corporate income tax for Fiscal Year 2012 is for an increase of 11.6 percent.
Refunds
For the month of October, the Department of Revenue issued $26.3 million in refunds on a cash basis. This compares to $28.7 million issued October 2011. For the fiscal year-to-date, total refunds issued on a cash basis were $113.9 million. This compares to $133.7 million issued at this time last year.
| STATE OF IOWA |
| GENERAL FUND RECEIPTS STATEMENT |
| FOR THE MONTH ENDING OCTOBER 31, 2012 |
| ($ MILLIONS) |
| CASH BASIS |
|
|
|
|
|
| |
MONTH |
FY13 Over (Under) |
FY13 Annual |
| |
OF OCTOBER |
FY12 |
Est Percent |
| |
FY12 |
FY13 |
Dollars |
Percent |
Of Growth |
| |
|
|
|
|
|
| Personal Income Tax |
$240.9 |
$260.9 |
$20.0 |
8.3% |
5.3% |
| Sales/Use Tax |
139.6 |
163.0 |
23.4 |
16.8% |
3.8% |
| Corporate Income Tax |
48.8 |
61.2 |
12.4 |
25.4% |
11.6% |
| Inheritance Tax |
4.4 |
8.2 |
3.8 |
86.4% |
5.0% |
| Insurance Premium Tax |
0.0 |
0.0 |
0.0 |
0.0% |
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 |
1.3 |
1.1 |
(0.2) |
-15.4% |
1.4% |
| Franchise Tax |
3.7 |
4.9 |
1.2 |
32.4% |
5.8% |
| Miscellaneous Tax |
0.1 |
0.1 |
0.0 |
0.0% |
0.0% |
| |
|
|
|
|
|
| Total Special Taxes |
$438.8 |
$499.4 |
$60.6 |
13.8% |
5.1% |
| |
|
|
|
|
|
| Institutional Payments |
0.5 |
0.7 |
0.2 |
40.0% |
7.0% |
| Liquor Transfers: |
11.3 |
7.0 |
(4.3) |
-38.1% |
0.0% |
| Interest |
0.2 |
0.2 |
0.0 |
0.0% |
0.0% |
| Fees |
0.6 |
1.6 |
1.0 |
166.7% |
-12.3% |
| Judicial Revenue |
11.6 |
11.0 |
(0.6) |
-5.2% |
0.1% |
| Miscellaneous Receipts |
2.1 |
4.8 |
2.7 |
128.6% |
-18.0% |
| Racing and Gaming |
1.3 |
1.3 |
0.0 |
0.0% |
-39.4% |
| |
|
|
|
|
|
| Total Receipts |
$466.4 |
$526.0 |
$59.6 |
12.8% |
4.3% |
| |
|
|
|
|
|
| Transfers |
$17.2 |
$31.9 |
$14.7 |
|
|
| |
|
|
|
|
|
| Total Rcpts & Transfers |
$483.6 |
$557.9 |
$74.3 |
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Reductions in General Fund Receipts |
|
|
|
|
| |
|
|
|
|
|
| School Infrastructure Transfer |
($31.9) |
($31.8) |
$0.1 |
|
|
| Refunds |
($28.7) |
($26.3) |
$2.4 |
|
|
| |
|
|
|
|
|
| Total Reductions in GF Receipts |
($60.6) |
($58.1) |
$2.5 |
|
|
| STATE OF IOWA |
| GENERAL FUND RECEIPTS STATEMENT |
| FOR THE FOUR MONTHS ENDING OCTOBER 31, 2012 |
| ($ MILLIONS) |
| CASH BASIS |
|
|
|
|
|
| |
FOUR MONTHS |
FY13 Over (Under) |
FY13 Annual |
| |
THROUGH OCTOBER |
FY12 |
Est Percent |
| |
FY12 |
FY13 |
Dollars |
Percent |
Of Growth |
| |
|
|
|
|
|
| Personal Income Tax |
$1,015.8 |
$1,086.3 |
$70.5 |
6.9% |
5.3% |
| Sales/Use Tax |
760.5 |
806.6 |
46.1 |
6.1% |
3.8% |
| Corporate Income Tax |
135.0 |
177.5 |
42.5 |
31.5% |
11.6% |
| Inheritance Tax |
23.7 |
27.6 |
3.9 |
16.5% |
5.0% |
| Insurance Premium Tax |
46.8 |
47.2 |
0.4 |
0.9% |
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 |
5.5 |
5.7 |
0.2 |
3.6% |
1.4% |
| Franchise Tax |
12.1 |
13.6 |
1.5 |
12.4% |
5.8% |
| Miscellaneous Tax |
0.1 |
0.1 |
0.0 |
0.0% |
0.0% |
| |
|
|
|
|
|
| Total Special Taxes |
$2,002.0 |
$2,167.1 |
$165.1 |
8.2% |
5.1% |
| |
|
|
|
|
|
| Institutional Payments |
4.8 |
4.4 |
(0.4) |
-8.3% |
7.0% |
| Liquor Transfers: |
34.2 |
34.0 |
(0.2) |
-0.6% |
0.0% |
| Interest |
0.7 |
0.6 |
(0.1) |
-14.3% |
0.0% |
| Fees |
7.8 |
9.5 |
1.7 |
21.8% |
-12.3% |
| Judicial Revenue |
29.7 |
26.9 |
(2.8) |
-9.4% |
0.1% |
| Miscellaneous Receipts |
8.6 |
13.2 |
4.6 |
53.5% |
-18.0% |
| Racing and Gaming |
1.3 |
1.3 |
0.0 |
0.0% |
-39.4% |
| |
|
|
|
|
|
| Total Receipts |
$2,089.1 |
$2,257.0 |
$167.9 |
8.0% |
4.3% |
| |
|
|
|
|
|
| Transfers |
$37.6 |
$66.1 |
$28.5 |
|
|
| |
|
|
|
|
|
| Total Rcpts & Transfers |
$2,126.7 |
$2,323.1 |
$196.4 |
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Reductions in General Fund Receipts |
|
|
|
|
| |
|
|
|
|
|
| School Infrastructure Transfer |
($155.5) |
($158.0) |
($2.5) |
|
|
| Refunds |
(133.7) |
(113.9) |
19.8 |
|
|
| |
|
|
|
|
|
| Total Reductions in GF Receipts |
($289.2) |
($271.9) |
$17.3 |
|
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