General Revenue Fund collections in December totaled $738.7 million, which is $24.5 million, or 3.4%, above the monthly estimate. This is $33.8 million, or 4.8%, above collections in December 2023. The first six months of fiscal year 2025 show the total GRF collections to be $4 billion, which is $27.1 million, or 0.7%, above the estimate, and $30.9 million, or 0.8%, below prior year collections for the same period.
“As we review December’s general revenue numbers, it’s encouraging to see overall collections are above estimates, even though some areas, like GPT-oil and GPT-gas revenues, fell short,” said State Chief Operating Officer and OMES Director Rick Rose. “Shifts in consumer spending and the state grocery tax elimination are reflected in the latest data, but stronger-than-expected income tax and interest have helped balance the picture. These collections are in line with the updated projections outlined by the state Board of Equalization, and we will revisit estimates during the next BOE meeting in February.”
December 2024 revenue tables are available on the OMES website.
(Editor’s Note: This story was provided by the Office of Management and Enterprise Services (OMES) with minor edits to style.)
