September 2012 General Fund Receipts

Document highlights general fund receipts for Fiscal Year 2013 through September 30, 2012.

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12-09_receipt_memo.pdf	251.69 KB

Date Published	10/02/2012
Fiscal Year	2013
Topic(s)	General Fund Receipts

Document Text Version

DATE: October 2, 2012

TO: The Honorable Terry E Branstad

The Honorable Kim Reynolds

FROM: David Roederer, Director

Department of Management

RE: September 2012 General Fund Receipts

Summary

Fiscal year-to-date gross receipts are 6.7 percent higher compared to September 2011. The current estimate for FY2013 is a growth rate of 2.0 percent for gross receipts. This estimate will be reviewed when the Revenue Estimating Conference meets on Thursday, October 11 at 10:00am in Rm. 116 of the State Capital Building.

Gross General Fund receipts for September 2012 totaled $573.8 million, an increase of 7.4 percent over the same period last year. Fiscal year-to-date, gross General Fund receipts totaled $1,731.0 million or 6.7%. The current estimate for FY2012 is 2.0 percent.

Personal Income Tax

Personal income tax receipts totaled $291.5 million during September 2012. This is $23.7 million or 8.8 percent more than the receipts of September 2011. Withholding tax receipts increased $31.0 million or 15.4 percent compared to last year. Estimated payments decreased $4.3 million. Final return payments decreased $3.0 million. Fiscal year-to-date, personal income tax receipts totaled $825.4 million, an increase of 6.5 percent. The current estimate for personal income tax for Fiscal Year 2013 is for an increase of 4.2 percent.

Sales/Use Tax

September sales/use tax receipts totaled $194.4 million, which represents an increase of $9.3 million or 5.0 percent over September 2011. Fiscal year-to-date, sales/use tax receipts totaled $643.6 million, an increase of 3.7 percent. The current estimate for sales/use tax for Fiscal Year 2013 is for an increase of 1.3 percent.

Corporate Income Tax

Corporate income tax receipts during September totaled $54.2 million, which is $4.8 million or 9.7 percent more than in September 2011. Fiscal year-to-date corporate income tax receipts totaled $116.3 million, an increase of 34.9 percent. The REC’s estimate for corporate income tax for Fiscal Year 2012 is for a decrease of 1.8 percent.

Refunds

For the month of September, the Department of Revenue issued $36.4 million in refunds on a cash basis. This compares to $32.8 million issued September 2011. For the fiscal year-to-date, total refunds issued on a cash basis were $87.6 million. This compares to $105.0 million issued at this time last year.

FY 2012 Year-to-Date Net General Fund Receipts on an Accrual Basis

As can be seen from the chart below, Fiscal Year 2012 net General Fund receipts ended the year at an increase of 7.0 percent, which is better than the REC’s estimate of 2.6 percent.

Net General Fund Receipts
Accrual Basis
Through September 30, 2012
					REC
	FY11	FY12	Variance	Percent	Estimate

Total Gross Receipts	7,033.5	7,433.6	400.1	5.7%	3.3%
Transfers	85.6	108.7	23.1	27.0%	-0.5%
Refunds	(826.0)	(820.6)	5.4	-0.7%	7.0%
School Infrastructure Transfer	(394.1)	(410.6)	(16.5)	4.2%	4.7%

Net General Fund Revenues	5,899.0	6,311.1	412.1	7.0%	2.6%

STATE OF IOWA
GENERAL FUND RECEIPTS STATEMENT
FOR THE MONTH ENDING SEPTEMBER 30, 2012
($ MILLIONS)
CASH BASIS
	MONTH		FY13 Over (Under)		FY13 Annual
	OF SEPTEMBER		FY12		Est Percent
	FY12	FY13	Dollars	Percent	Of Growth

Personal Income Tax	$267.8	$291.5	$23.7	8.8%	4.2%
Sales/Use Tax	185.1	194.4	9.3	5.0%	1.3%
Corporate Income Tax	49.4	54.2	4.8	9.7%	-1.8%
Inheritance Tax	7.2	5.1	(2.1)	-29.2%	2.8%
Insurance Premium Tax	0.2	0.0	(0.2)	-100.0%	1.0%
Cigarette Tax	(0.1)	0.0	0.1	-100.0%	-9.3%
Tobacco Tax	0.0	0.0	0.0	0.0%	-1.2%
Beer Tax	1.5	2.9	1.4	93.3%	0.7%
Franchise Tax	3.6	4.3	0.7	19.4%	-2.7%
Miscellaneous Tax	0.0	0.0	0.0	0.0%	0.0%

Total Special Taxes	$514.7	$552.4	$37.7	7.3%	2.4%

Institutional Payments	0.8	1.2	0.4	50.0%	18.6%
Liquor Transfers:	6.8	9.0	2.2	32.4%	-1.2%
Interest	0.2	0.1	(0.1)	-50.0%	20.0%
Fees	2.5	3.2	0.7	28.0%	-28.4%
Judicial Revenue	7.3	5.8	(1.5)	-20.5%	-1.6%
Miscellaneous Receipts	1.9	2.1	0.2	10.5%	-27.1%
Racing and Gaming	0.0	0.0	0.0	0.0%	0.0%

Total Receipts	$534.2	$573.8	$39.6	7.4%	2.0%

Transfers	$0.0	$15.8	$15.8

Total Rcpts & Transfers	$534.2	$589.6	$55.4


Reductions in General Fund Receipts

School Infrastructure Transfer	($38.8)	($38.1)	$0.7
Refunds	($32.8)	($36.4)	($3.6)

Total Reductions in GF Receipts	($71.6)	($74.5)	($2.9)

STATE OF IOWA
GENERAL FUND RECEIPTS STATEMENT
FOR THE THREE MONTHS ENDING SEPTEBER 30, 2012
($ MILLIONS)
CASH BASIS
	THREE MONTHS		FY13 Over (Under)		FY13 Annual
	THROUGH SEPTEMBER		FY12		Est Percent
	FY12	FY13	Dollars	Percent	Of Growth

Personal Income Tax	$774.9	$825.4	$50.5	6.5%	4.2%
Sales/Use Tax	620.9	643.6	22.7	3.7%	1.3%
Corporate Income Tax	86.2	116.3	30.1	34.9%	-1.8%
Inheritance Tax	19.3	19.4	0.1	0.5%	2.8%
Insurance Premium Tax	46.8	47.2	0.4	0.9%	1.0%
Cigarette Tax	0.0	0.0	0.0	0.0%	-9.3%
Tobacco Tax	2.5	2.5	0.0	0.0%	-1.2%
Beer Tax	4.2	4.6	0.4	9.5%	0.7%
Franchise Tax	8.4	8.7	0.3	3.6%	-2.7%
Miscellaneous Tax	0.0	0.0	0.0	0.0%	0.0%

Total Special Taxes	$1,563.2	$1,667.7	$104.5	6.7%	2.4%

Institutional Payments	4.3	3.7	(0.6)	-14.0%	18.6%
Liquor Transfers:	22.9	27.0	4.1	17.9%	-1.2%
Interest	0.5	0.4	(0.1)	-20.0%	20.0%
Fees	7.2	7.9	0.7	9.7%	-28.4%
Judicial Revenue	18.1	15.9	(2.2)	-12.2%	-1.6%
Miscellaneous Receipts	6.5	8.4	1.9	29.2%	-27.1%
Racing and Gaming	0.0	0.0	0.0	0.0%	0.0%

Total Receipts	$1,622.7	$1,731.0	$108.3	6.7%	2.0%

Transfers	$20.4	$34.2	$13.8

Total Rcpts & Transfers	$1,643.1	$1,765.2	$122.1


Reductions in General Fund Receipts

School Infrastructure Transfer	($123.6)	($126.2)	($2.6)
Refunds	(105.0)	(87.6)	17.4

Total Reductions in GF Receipts	($228.6)	($213.8)	$14.8

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September 2012 General Fund Receipts

Summary