MacIver News Service | August 28, 2014[Madison, Wisc…] State tax collections are down $281 million from initial Legislative Fiscal Bureau (LFB) projections for fiscal year 2014 (FY14), according to the Wisconsin Department of Revenue.
LFB estimates, released in January, had forecasted a little over $14.2 billion in General Purpose Revenue (GPR) by the end of June 2014, but initial results show just over $13.9 billion was brought in.
Corporate income taxes fell 9.2 percent short of projections and personal income taxes were 2.5 percent lower. Sales and use taxes were just .2 percent below estimates.
January projections expected the 2013-15 state budget to end with a $165 million surplus. If those estimates do not change for FY15, LFB would expect the state to face a $115 million shortfall. That is the equivalent to 0.17 percent of the total state budget.
The tax collections are based on preliminary data from the Department of Revenue. According to LFB, “final general fund tax collections along with departmental revenues and expenditures for the 2013-14 fiscal year will be available in mid-October when the state’s Annual Fiscal Report is released by the Department of Administration.”
See the Department of Revenue report here.