ND state revenue collections up slightly in September
BISMARCK--A projected state general fund revenue shortfall narrowed slightly in September due to a small uptick in revenues, according to the North Dakota Office of Management and Budget.
BISMARCK-A projected state general fund revenue shortfall narrowed slightly in September due to a small uptick in revenues, according to the North Dakota Office of Management and Budget.
General fund revenues came in at about $106.9 million in September, up about $1.2 million above projections from an updated 2015-17 revenue forecast released in July.
The additional $1.2 million above projections for the month narrowed the projected budget shortfall for the biennium by that amount, to $6.37 million. The shortfall is about 0.2 percent short of the most recent forecast.
Revenue from corporate income taxes and motor vehicle excise taxes came in higher than predicted, while sales tax revenues were lower.
About $2.89 million in corporate income tax was collected for the month when none was projected for September. So far, for the biennium corporate collections are at $101.2 million, up 3.7 percent in the new forecast.
Motor vehicle excise taxes came in at about $10.3 million for September, up from the projected $8.4 million, or a 22.5 percent increase. In the new revenue forecast such collections total $136.4 million for the biennium, up 4 percent.
Sales tax revenues were low for the month, coming in at just over $68 million for September. This was 6.3 percent below the $72.6 million projected for the month.
For the biennium, according to the July forecast, sales tax collections are at about $1.15 billion so far. This is 1.9 percent behind the $1.17 billion projected.
The July forecast is the second updated forecast of this year; the previous one was released in January.
Monthly general fund revenue updates can be found at www.nd.gov/omb/ .