After adjusting for revenue accrued in June that is still owed this fiscal year, the state has revenues of nearly $ 3 billion for the recently closed fiscal year 2021.
Despite a year under the COVID-19 pandemic cloud, government revenues were more than $ 400 million higher than the previous year and over $ 300 million higher than budget drafters estimated for fiscal year 2021.
The new fiscal year 2022 began on July 1st.
When accounting adjustments were made to general and education trust fund levies for fiscal 2021, the state raised $ 2.96 billion, only $ 2.6 million less than the Department of Administrative Services reported in cash earlier last month had.
Official figures will usually only be available at the end of December after the official audit has been completed.
However, the adjusted numbers reflect a reduction of $ 30.8 million taken in fiscal 2021, but the auditors said that belonged in fiscal 2020 when they conducted the state’s 2020 comprehensive financial audit.
In total, the state raised $ 481.6 million more than in fiscal 2020 and $ 307.9 million more than the legislature’s approved budget.
For fiscal 2021, some taxes were significantly higher than estimates, including trade, tobacco, and land transfer taxes, and some significantly lower, such as room and meal taxes and commercial property tax.
Corporate taxes were $ 991.4 million, up 26% over estimates and 45.5% over last year.
House drafters believe business tax revenues will be inflated for 2021 as some companies base their tax liability on federal paycheck protection program grants they received before the state changed the law to exempt the awards.
The new biennial operating budget adopted at the end of June lowers the rates for corporate profits and trade tax, as well as for accommodation and meals tax and interest and dividend tax, and begins with the gradual reduction of this tax in the fiscal year 2023.
Tobacco tax has raised $ 252.4 million, which is 25.4% above estimates and 18.7% above fiscal 2020.
Property transfer tax was $ 209.8 million, 32.4% above income plan and 32.5% year over year.
The Lottery Commission posted revenue of $ 142.4 million for fiscal 2021, 29% above estimates and 38.3% above last year.
Interest and dividend tax was $ 120 for fiscal 2021, 2.7% above plan and 3% above last year.
On the other side of the ledger, the room and meal tax, the state’s second largest revenue producer, raked in $ 335 million, 13.4% below estimates but 6.8% above last year’s surveys.
The room and board tax was the hardest hit by the pandemic, but it began to turn in the final months of fiscal 2021 and was above estimates for June.
It raised $ 38.2 million for fiscal 2021, a decrease of 13.6% from estimates and 11.8% from fiscal 2020.
Securities income was also below estimates for the year.
The Highway Fund, which suffered the second largest impact from the pandemic, raised a total of $ 248.5 million, a decrease of $ 7.5 million from the revenue plan, but slightly higher than last year’s revenue.
The fund consists mainly of income from gas tax and income from vehicle registration.
The Fish and Game Fund produced $ 15.5 million for FY2021, up $ 2.6 million more than estimated, but 3.1 percent below FY2020 revenues.
Sales figures for the first month of fiscal year 2022 are still pending.