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August 24, 2022

Comments

Joe

I just got the August Dept of Finance report from the state (yes, geeks, you can have it emailed to you). Here's some more color on the July shortfall:

Personal income tax cash receipts to the General Fund for July were $1.057 billion below the month’s forecast
of $7.858 billion. July is not a significant month for personal income tax cash receipts, except for withholding,
which is significant every month. Notably, withholding receipts fell $731 million short of projections in July, or
10.1 percent. This follows a $437 million, or 5.8 percent, shortfall in withholding in June.

That's a 13.9% shortfall.

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