State budget officials say revenue collections in October show a mixed picture, especially since the state made a late deposit of $83 million.

According to the Budget office General Fund collections for October totaled $1.02 billion, which was  $64.0 million (5.9%) less than the monthly estimate and $59.2 million (5.5%) below revenue in October 2014.  Sales tax collections were $592.3 million for October, which was $26.6 million (4.3%) below the monthly estimate and $17.0 million (2.8%) below revenue in October 2014.  Individual income tax collections were $362.3 million for the month, which was $1.4 million (0.4%) below the monthly estimate and $8.6 million (2.3%) below revenue in October 2014.  And  Corporate tax collections were negative $2.4 million for the month, which is $35.0 million (107.4%) below the monthly estimate.

However those figures somewhat change when officials take into account $83 million in revenue that was collected in September, but not deposited until October.

Year-to-date General Fund collections totaled $4.57  billion, which is $61.4 million (1.3%) lower than estimated, and $12.0 million (0.3%) below collections for the same period last year.

  • General Fund collections for October totaled $1.1 billion, which is $22.3 million (2.1%) more than the monthly estimate and $27.1 million (2.5%) above October 2014 revenue.
  • Sales tax collections totaled $593.4 million for October, which is $25.5 million (4.1%) below the monthly estimate and $16.0 million (2.6%) below revenue in October 2014.
  • Individual income tax collections totaled $438.1 million for the month, which is $74.4 million (20.5%) above the monthly estimate and $67.2 million (18.1%) above revenue in October 2014.  Much of the increase in individual collections is associated with the receipt of revenue in September but deposited in October due to delayed processing of September payments.
  • Corporate tax collections were $7.0 million for the month, which is $25.6 million (78.6%) below the monthly estimate and $18.9 million (73.0%) below revenue in October 2014. Higher corporate refunds for October have contributed to the decline in corporate income collections.
  • Riverboat wagering collections were $23.3 million for October, which is $1.1 million (4.8%) higher than the monthly estimate, but $2.4 million (9.2%) below revenue in October 2014.
  • Racino wagering collections were $8.1 million for the month, which is $0.3 million (3.6%) lower than the monthly estimate and $0.5 million (5.9%) below revenue in October 2014.