January net general revenues are up because of higher than expected gains in all major tax categories such as sales tax and income tax. Revenue from January was higher than this time last year by about $37.6 or 7.8 percent and exceeded DFA growth estimates by $36.2 million or 7.5 percent. Some of the larger revenue increases were from individual income tax (up 11.3 percent from last year and $33.9 million above forecast) and from sales tax (up 8.2 percent from last year and $10.9 million above forecast). Net general revenue represents the bottom line of funds available for distribution to state agencies and comes from taking certain off-the-top deductions from gross general revenue (like a portion of education adequacy funding and tax refunds)

Year-to-date total revenue is also larger than last year (by $121 million or 4 percent).  This rate of growth was higher than expected. New available general revenue for the year so far is above forecast by $80.3 million or 2.6 percent.  Revenue grew faster than expected in part because of unexpectedly high income tax revenue. Individual income tax collections were $40 million or 2.3 percent more than expected. Corporate income tax collections saw the biggest jump in revenue compared to the forecast, coming in $27.2 or 11.8 percent above expectations.