General Revenue Fund collections in October totaled $711.9 million, which is $24.5 million, or 3.6%, above the monthly estimate. This is $3.8 million, or 0.5%, below collections in October 2023. Total GRF collections for the first four months of fiscal year 2025 are $2.68 billion, which is $29.3 million, or 1.1%, above the estimate, and $13.6 million, or 0.5%, below prior year collections for the same period.
“The state’s General Revenue Fund is tracking closely with estimates as we enter the second quarter of the fiscal year,” said OMES Director Rick Rose. “October marked the first full month of collections impacted by the state grocery tax elimination, which is reflected in the decrease in overall sales tax revenue. Despite the sales tax shortfall, a stronger-than-anticipated contribution from individual income tax more than offset the gap. We will continue to closely monitor general revenue trends to assess the full impact of the grocery tax elimination as the fiscal year progresses.”
(Editor’s Note: This story was provided by the Office of Management and Enterprise Services (OMES) with minor edits for style.)
