The State Budget Agency is reporting that revenue collections for July fell slightly short of estimated projections.
The Agency says general fund revenues for July were $1.04 billion, which is $6.1 million (0.6%) below the estimate based on the April 16, 2015 forecast and $1.1 million (0.1%) below revenue in July 2014.
In addition, sales tax collections were $614.3 million for July, which is $31.2 million (4.8%) below the monthly estimate and $11.4 million (1.8%) below revenue in July 2014. Individual income tax collections totaled $349.4 million for the month, which is $35.2 million (11.2%) above the monthly estimate and $8.7 million (2.6%) above revenue in July 2014.
Corporate tax collections took the biggest hit. They were $10.9 million for the month, which is $16.7 million (60.5%) below the monthly estimate. Riverboat wagering collections were $0.4 million for July, which is $0.5 million (56.8%) below the monthly estimate, however racino wagering collections totaled $10.1 million for the month, which is $1.4 million (16.1%) above the monthly estimate.
