State revenues are down 12% from same time in 2014

The November 2015 Net Receipts Report shows that total state revenue thus far for 2015-2016 was $2.796 billion, a 12 percent decrease compared to that time last year. Sales tax, severance tax and corporation/franchise tax receipts were down.
The report is from the state Department of Treasury.
Since the 2015-2016 state fiscal year began in July, state general fund collections each month have had a negative growth rate even though the five year base line projection anticipates a 2.13 percent growth in the state general fund this year.
The report includes receipts for sales tax, individual income tax, general severance tax, corporation and franchise tax, gasoline and special fuels tax and miscellaneous taxes cash receipts. The report does not include gambling revenues, fees, self-generated revenue and statutory dedications.
General sales tax cash receipts for FY 2015-2016 to-date are $1.122 billion, for a decrease of $15 million or 1 percent compared to last year. General sales tax cash receipts this time last year were $1.137 billion, which was $51 million more than the prior year.
Individual income tax cash receipts for FY 2015-2016 to-date are $1.306 billion, for an increase of $74 million or 6 percent compared to last year. Individual income tax cash receipts this time last year were $1.232 billion, which was $30 million less than the prior year.
General severance tax cash receipts for FY 2015-2016 to-date are $216 million, for a decrease of $162 million or 43 percent compared to last year. General severance tax cash receipts this time last year were $378 million, which was $15 million more than the prior year.
Corporation and franchise tax cash receipts for FY 2015-2016 to-date are a negative $244 million, for a decrease of $334 million or 371 percent compared to last year. Corporation and franchise tax cash receipts this time last year were $90 million, which was $154 million less than the prior year.
Gasoline and special fuels tax cash receipts for FY 2015-2016 to-date are $263 million, for an increase of $7 million or 3 percent compared to last year. Gasoline and special fuels tax cash receipts this time last year were $256 million, which was $5 million more than the prior year.
Miscellaneous taxes cash receipts for FY 2015-2016 to-date are $79 million, for a decrease of $12 million or 13 percent compared to last year. Miscellaneous taxes cash receipts this time last year were $91 million, which was $11 million more than the prior year.
To view the report in its entirety, visit www.latreasury.com and click “Net Receipts Statement for the Month of November 2015.”