review of general fund revenues and the virginia economy for...

Review of General Fund Revenues and theVirginia Economy for Fiscal Year 2020

Interim Economic Outlook and Revenue Forecast for Fiscal Years 2021 and 2022

A presentation to the House Appropriations, House Finance and Senate Finance and Appropriations Committees

August 18, 2020

Aubrey L. Layne, Jr., MBA, CPASecretary of Finance

Commonwealth of Virginiawww.finance.virginia.gov

1

Overview

Fiscal Year 2020 Year-in-Review Economic Performance

Certified General Fund Collections

Certified Commonwealth Transportation Fund Collections

Financial Results Balance Sheet

Updated Outlook for Fiscal Years 2021 and 2022 June 2020 Economic Outlook

August 2020 Interim Revenue Forecast

Revenue Stabilization and Revenue Reserve Fund Balances

Looking Forward National and State Economic Indicators

July 2020 General Fund Collections

Fall Forecasting Process

Known Funding Commitments / Risks

CARES Funding Update

Base Budget

2

In FY 2020, Both the U.S. and Virginia Economies Were Growing On Par With the Official Forecast Through

February; However, Employment Started to Decline in March as the COVID-19 Pandemic Arrived

Summary of Key U.S. and Virginia Economic IndicatorsPercent Change Over the Prior Fiscal Year

FY19 Actual

FY20 Forecast

FY20 Actual

U.S.

Real GDP 2.6 1.9 -2.1Consumer Spending 2.8 2.8 -2.5Employment 1.5 1.2 -2.0Personal Income 5.0 4.5 3.9Wages & Salaries 4.8 5.2 0.9

Virginia

Employment 1.2 1.0 -1.7 Professional/Business 1.7 2.3 -0.5 Construction/Mining 1.9 -0.1 -1.7 Education/Health 3.0 2.7 1.0 Government 0.7 0.2 -0.8Personal Income 4.8 4.4 3.7Wages & Salaries 4.3 4.2 0.9

U.S. econ

FY19 ActualFY20 ForecastFY20 ActualFY13 Forecast

U.S.

Real GDP2.61.9-2.12.7

Consumer Spending2.82.8-2.52.3

Employment1.51.2-2.01.6

Personal Income5.04.53.93.5

Wages & Salaries4.85.20.94.1

Virginia

Employment1.21.0-1.72.0

Professional/Business1.72.3-0.54.4

Construction/Mining1.9-0.1-1.74.7

Education/Health3.02.71.0

Government0.70.2-0.8

Personal Income4.84.43.73.6

Wages & Salaries4.34.20.94.7

GF rev $ -UPDATED

As a % of Total Revenues

VarianceAnnual

Major SourceForecastActualDollarsPercentGrowthFY11 fcFY11FY10

Withholding65.1%$9,574.8$9,635.1$60.30.6%5.0%Withholding9,574.89,635.0589,176.1514%

Nonwithholding14.12,068.42,178.6110.25.314.3Nonwithholding2,068.42,178.6201,906.7578.5%

Refunds12.9(1,897.0)(1,869.3)27.7(1.5)(6.3)Refunds-1,897.0-1,869.308-1,994.656

Net Individual66.29,746.29,944.4198.22.09.4 Net Individual9,746.2009,944.3709,088.252

Sales20.22,968.93,012.443.51.5(2.3)Sales2,968.93,012.3793,082.532

Corporate5.2766.6822.355.77.32.0Corporate766.6822.259806.473

Wills (Recordation)1.9274.0291.517.56.40.4Wills274.0291.457290.189

Insurance1.9277.7281.63.91.47.5Insurance277.7281.563261.881FY11 fcFY11FY10$ var% var% change

All Other Revenue4.7685.1688.23.10.4(0.3)All Other Revenue685.1688.172690.150Interest74.80081.12294.3186.38.5%-14.0%

ABC177.220178.937175.0941.71.0%2.2%

Total Revenues100.0%$14,718.5$15,040.2$321.72.2%5.8%Total Revenues14,718.52015,040.20014,219.477All Other433.100428.113420.738-5.0-1.2%1.8%

685.120688.172690.150

ABC Profits0.346.250.54.39.31.1ABC Profits46.20050.50349.962

Sales Tax (0.25%)217.3204.0(13.3)(6.1)(2.6)Sales Tax (0.25%)217.300204.026209.426710258.10054.008-4.1

Transfers1.1159.6157.6(2.0)(1.3)(48.8)Transfers159.600157.600307.802Remainder16.70040.31023.6

74.80094.318

Total Transfers2.9%$423.1$412.1$(11.0)(2.6)%(27.3)%Total Transfers423.100412.129567.190

Total General Fund102.9%$15,141.6$15,452.3$310.72.1%4.5%Total General Fund15,141.62015,452.32914,786.667

AST185.030192.100223.845

Sales x AST2,783.8702,820.279

-9.7%-8.5%

Total x AST14,533.49014,848.100

2.2%4.4%

With + Sales12,543.712,647.412,258.7103.70.8%

2.3%3.2%

Nonwith, Corp, Rec3,109.03,292.33,003.4183.3

3.5%9.6%

refunds table

Individual Refunds

FY10 Forecast and Actual

ForecastActual$ variance% variance

Base1,761.51,756.8-4.7-0.3%

Land Preservation150.0123.4-26.6-17.8%

Low Income95.0114.519.520.5%

Total2,006.51,994.7-11.8-0.6%

lpc_fy06_10sum

The SAS System

MONTHFY06_CountFY06_AmountFY07_CountFY07_AmountFY08_CountFY08_AmountFY09_CountFY09_AmountFY10_CountFY10_Amount

JUL85$1,766,759303$6,303,613213$4,315,367315$7,284,267377$7,707,778

AUG1$16,923257$5,936,308266$7,608,100292$6,151,611322$6,862,848

SEP5$64,868256$6,444,374315$10,141,573262$6,866,736364$7,491,854

OCT27$740,394425$10,012,471811$19,496,820496$13,118,112531$11,596,192

NOV48$1,117,993394$10,103,470516$15,825,756501$13,827,394424$9,886,120

DEC300$7,321,064276$9,519,395180$6,398,676246$6,893,929289$7,018,699

JAN81$1,567,904132$3,526,578121$4,315,951169$9,623,371208$6,182,671

FEB116$2,606,970150$4,484,998172$3,318,813186$6,534,314256$4,340,210

MAR384$7,421,244451$7,778,517523$7,630,327487$7,570,310835$10,276,064

APR667$10,582,9041,608$30,423,4621,643$25,912,1111,250$22,538,5062,003$31,660,865

MAY936$18,221,4821,042$21,601,2811,353$26,048,352718$14,219,872679$10,937,750

JUN652$13,587,083510$12,249,532466$9,781,489537$10,097,070557$9,398,060

TOT3,302$65,015,5895,804$128,383,9986,579$140,793,3375,459$124,725,4926,845$123,359,110

lic_fy06_10sum

The SAS System

MONTHFY06_CountFY06_AmountFY07_CountFY07_AmountFY08_CountFY08_AmountFY09_CountFY09_AmountFY10_CountFY10_Amount

JUL1,265$171,2701,729$336,7792,878$612,4763,593$800,1006,022$1,484,200

AUG108$14,3601,774$336,4042,627$546,7293,570$758,6635,008$1,205,032

SEP684$89,2461,296$218,8461,899$399,6382,724$639,1435,983$1,546,862

OCT1,301$181,6021,495$257,7002,985$581,7342,525$526,1413,423$897,466

NOV1,044$149,2071,681$313,3111,273$277,0541,534$320,3502,078$551,216

DEC1,620$204,8081,005$180,2761,091$265,5931,800$377,4551,654$426,214

JAN15,345$2,735,31884,557$23,745,40992,742$27,804,99884,546$29,644,56187,760$33,531,066

FEB65,821$10,579,711147,422$36,283,018165,918$42,246,298114,405$35,748,427128,660$43,563,457

MAR27,849$4,047,89463,585$13,096,99258,302$12,476,80737,554$10,259,42353,606$16,152,519

APR21,846$2,965,41641,597$7,635,02448,465$9,318,51629,451$7,570,16431,976$8,774,669

MAY8,518$1,298,76616,209$2,926,42018,737$3,602,1329,403$2,361,76511,004$3,058,454

JUN4,832$805,8246,699$1,249,4609,179$1,828,2419,138$2,216,51711,934$3,299,748

TOT150,233$23,243,422369,049$86,579,638406,096$99,960,216300,243$91,222,709349,108$114,490,904

Sheet1

JulAugSepOctNovDecJanFebMarAprMayJun

Monthly-16.3%5.3%4.1%3.7%9.3%2.0%12.6%16.7%12.4%1.5%17.9%5.6%

Monthly x Amnesty7.5%

Year-to-Date(16.3)(5.7)-1.7%-0.4%1.3%1.5%3.2%4.1%4.9%4.5%5.8%5.8%

YTD x AST0.4%3.3%3.6%3.6%4.7%4.1%5.4%6.2%6.7%6.1%7.3%7.4%

Sheet2

Growth in Total General Fund Revenue Collections

FY11 Monthly and Year-to-Date

MonthlyJulAugSepOctNovDecJanFebMarAprMayJun-0.163000000000000015.2999999999999999E-24.1000000000000002E-23.6999999999999998E-29.2999999999999999E-20.020.1260.167000000000000010.1241.4999999999999999E-20.178999999999999995.6000000000000001E-2Monthly x AmnestyJulAugSepOctNovDecJanFebMarAprMayJun7.4999999999999997E-2Year-to-Date

JulAugSepOctNovDecJanFebMarAprMayJun-16.284034450410946-5.7221017517885997-1.7000000000000001E-2-4.0000000000000001E-31.2999999999999999E-21.4999999999999999E-23.2000000000000001E-24.1000000000000002E-24.9000000000000002E-24.4999999999999998E-25.8000000000000003E-25.8000000000000003E-2YTD x AST

JulAugSepOctNovDecJanFebMarAprMayJun4.0000000000000001E-33.3000000000000002E-23.5999999999999997E-23.5999999999999997E-24.7E-24.1000000000000002E-25.3999999999999999E-26.2E-26.7000000000000004E-26.0999999999999999E-27.2999999999999995E-27.3999999999999996E-2

3

Including Transfers, FY 2020 General Fund ResourcesGrew 2.2 Percent and Finished $232.0 Million

(1.0 Percent) Below Forecast

• Payroll withholding and sales tax collections slowed in the final quarter of fiscal year 2020.

Summary of Fiscal Year 2020 Revenue Collections(millions of dollars)

As a % of TotalMajor Sources General Fund Official ChangeWithholding 59.6% $13,591.9 $13,378.1 ($213.8) 4.7 % 3.00 0Nonwithholding 17.0 3,804.1 3,804.5 0.4 (4.3) (4.3)0 0Refunds (8.2) (1,976.6) (1,830.9) 145.7 13.7 5.30 0

Net Individual 68.4% $15,419.4 $15,351.6 ($67.8) 1.3 % 0.8 %

Sales 16.5% $3,844.5 $3,706.8 ($137.7) 7.4 % 3.5 %0 0Corporate 4.5 1,031.5 1,011.7 (19.9) 9.3 7.20 0Wills (Recordation) 2.2 468.6 483.5 14.9 21.3 25.10 0Insurance 1.6 394.1 360.6 (33.5) 3.2 (5.6)0.0All Other Revenue 3.7 813.9 823.6 9.7 3.2 14.6

Total Revenue 96.9% $21,972.0 $21,737.8 ($234.2) 3.1 % 2.0 %

A.B.C. Profits 0.6 $124.8 $137.5 $12.7 (4.5) % 5.2 %8 06 0Sales Tax (0.375%) 1.8 421.6 406.0 (15.6) 7.4 3.40 0Transfers 0.7 155.3 160.4 5.1 15.3 19.1

Total Transfers 3.1% $701.7 $703.9 $2.2 6.6 % 7.0 %

TOTAL GENERAL FUND 100.0% $22,673.7 $22,441.7 ($232.0) 3.2 % 2.2 %

% Growth Over FY19Official ActualActual

presentation

*** Governor's Confidential Working Papers ****** Governor's Confidential Working Papers ****** Governor's Confidential Working Papers ****** Governor's Confidential Working Papers ***

Table 3.3Table 3.3

The December and Official General Fund Forecast for Fiscal Year 2018The March and April General Fund Forecast for Fiscal Year 2020The Official and Interim General Fund Forecast for Fiscal Year 2021The Official and Interim General Fund Forecast for Fiscal Year 2022The March General Fund Forecast for Fiscal Years 2021-2022The December General Fund Forecast for Fiscal Years 2017-2020The December General Fund Forecast for Fiscal Years 2017-2020

(Dollars in Millions)(Dollars in Millions)6/7/18(Dollars in Millions)8/18/20(Dollars in Millions)8/18/20(Dollars in Millions)August 18, 2020(Dollars in Millions)August 18, 2020(Dollars in Millions)August 18, 2020(Dollars in Millions)August 18, 2020

Fiscal Year 2018Fiscal Year 2019Fiscal Year 2019Fiscal Year 2020Fiscal Year 2021Fiscal Year 20222020-2022 BienniumFiscal Year 2021Fiscal Year 20222020-2022 BienniumFY 23FY 24FY 25FY 26

IgnoreAs a % of Total General Fund% Growth Over FY 18As a % of Total% Growth Over FY19% Growth Over FY21As a % of Total% Growth Over FY21March% Growth Over FY 20March% Growth Over FY 21March% Growth Over 18-20Fiscal YearFiscal YearFiscal YearFiscal Year% Growth% Growth% Growth% Growth

Major SourcesActual% GrowthOfficialActualChangeOfficialActualMajor SourcesActualGeneral Fund% GrowthOfficialActualChangeOfficialActualOfficialInterimChangeOfficialInterimRevenuesOfficialInterimChangeOfficialInterimOfficialInterimChangeForecastForecastForecast2023202420252026Over FY 22Over FY 23Over FY 24Over FY 25

0.00.00.0

Withholding$12,540.5ERROR:#DIV/0!61.1%$13,591.9$12,987.8($604.1)8.4%3.6%Withholding$12,987.859.6%3.6%25,528.359.9%$13,591.9$13,378.1($213.8)4.7%3.0Withholding$14,118.0$13,704.2($413.8)3.9%2.4%Withholding62.9%$14,676.4$14,341.0($335.4)4.0%4.6%$28,794.4$28,045.2($749.2)Withholding$14,118.0(1.6)%$14,676.44.0%$28,794.42.7%Withholding15,273.615,903.316,569.317,266.8Withholding4.14.14.24.2

0.00.00.00.0

Nonwithholding3,472.9ERROR:#DIV/0!16.93,804.13,976.8172.79.514.5Nonwithholding3,976.817.014.57,449.717.0ERROR:#DIV/0!3,804.13,804.50.4(4.3)(4.3)Nonwithholding4,101.03,668.9(432.1)7.8(3.6)Nonwithholding16.64,306.53,784.9(521.6)5.03.28,407.57,453.8(953.7)Nonwithholding4,101.08.44,306.55.08,407.512.8Nonwithholding4,590.64,848.45,255.05,318.5Nonwithholding6.65.68.41.2

0.00.00.00.00.0

Refunds(1,907.6)13.8(9.3)(1,976.6)(1,738.2)238.43.6(8.9)Refunds(1,738.2)(8.2)(8.9)(3,645.8)(8.2)4.9(1,976.6)(1,830.9)145.713.75.3Refunds(2,059.9)(1,924.9)135.04.25.1Refunds(9.0)(2,137.4)(2,062.4)75.03.87.1(4,197.3)(3,987.3)210.0Refunds(2,059.9)(0.1)(2,137.4)3.8(4,197.3)5.3Refunds(2,221.1)(2,310.0)(2,405.2)(2,482.7)Refunds3.94.04.13.2

0.00.00.00.00.0%0.0

Net Individual14,105.859.568.8%$15,419.4$15,226.5($192.9)9.3%7.9%Net Individual$15,226.568.4%7.9%29,332.20.767.4$15,419.4$15,351.6($67.8)1.3%0.8%Net Individual$16,159.1$15,448.2($710.9)4.80.6Net Individual70.5%$16,845.5$16,063.5($782.0)4.24.0$33,004.6$31,511.7($1,492.9)Net Individual$16,159.10.6$16,845.54.2$33,004.64.7Net17,643.118,441.719,419.120,102.6Net4.74.55.33.5

0.00.00.0

Sales3,461.838.916.9%$3,844.5$3,580.4($264.1)11.1%3.4%Sales$3,580.416.5%3.4%7,042.10.242.4$3,844.5$3,706.8($137.7)7.4%3.5%Sales$3,893.0$3,346.5($546.5)1.3(9.7)Sales15.1%$3,955.6$3,438.7($516.9)1.62.8$7,848.6$6,785.2($1,063.4)State Sales & Use Tax$3,893.013.2$3,955.61.6$7,848.615.7State Sales & Use Tax4,024.94,098.64,174.44,252.9State Sales & Use Tax1.81.81.81.9

0.00.00.00.00.0%

Corporate$861.921.6%4.21,031.5943.4(88.1)19.79.5Corporate943.44.59.51,805.34.531.11,031.51,011.7(19.9)9.37.2Corporate1,019.21,041.722.5(1.2)3.0Corporate5.01,132.61,143.010.411.19.72,151.82,184.732.9Corporate Income1,019.2(10.8)1,132.611.12,151.8(1.5)Corporate Income$1,230.5$1,267.4$1,298.4$1,355.4Corporate Income8.6%3.0%2.4%4.4%

0.00.00.00.00.0

Wills (Recordation)394.969.31.9468.6386.5(82.1)18.7(2.1)Wills (Recordation)386.52.2(2.1)781.42.267.1468.6483.514.921.325.1Wills (Recordation)388.1422.434.3(17.2)(12.6)Wills (Recordation)1.7357.0393.036.0(8.0)(7.0)745.1815.470.3Wills (Recordation)388.1(1.2)357.0(8.0)745.1(8.6)Wills, Suits, Deeds, & Contract Fees357.0357.0357.0357.0Wills, Suits, Deeds, & Contract Fees0.00.00.00.0

0.00.00.00.00.00.0

Insurance337.975.21.6394.1382.0(12.1)16.613.0Insurance382.01.613.0720.01.688.2394.1360.6(33.5)3.2(5.6)Insurance420.1337.4(82.7)6.6(6.4)Insurance1.6437.1359.5(77.6)4.06.6857.2696.9(160.3)Insurance420.116.8437.14.0857.223.0Insurance Company Premiums454.5472.6491.6511.3Insurance Company Premiums4.04.04.04.0

0.00.00.00.00.00.0

All Other Revenue$718.5(4.0)%3.5813.9788.8(25.1)13.39.8All Other Revenue$718.53.79.81,437.03.75.8813.9823.69.73.214.6All Other Revenue808.3756.9(51.4)(0.7)(8.1)All Other Revenue3.5810.5787.8(22.7)0.34.11,618.81,544.7(74.1)All Other Revenue808.32.6810.50.31,618.84.8Total Misc. Taxes and Other Revenues$807.1$807.1$807.1$807.1Total Misc. Taxes and Other Revenues(0.4)%0.0%0.0%0.0%

0.00.00.0

MISCELLANEOUS TAXES AND OTHER REVENUESMISCELLANEOUS TAXES AND OTHER REVENUES0.00.00.00.0MISCELLANEOUS TAXES AND OTHER REVENUESMISCELLANEOUS TAXES AND OTHER REVENUES0.0%MISCELLANEOUS TAXES AND OTHER REVENUESMISCELLANEOUS TAXES AND OTHER REVENUESMISCELLANEOUS TAXES AND OTHER REVENUES

0.00.00.00.00.0%

Alcoholic Beverage State Tax$191.01.8%211.0$200.1(10.9)10.5%4.8%Alcoholic Beverage State Tax$200.10.94.8%391.10.96.6211.0$226.415.40.0%13.2%Alcoholic Beverage State Tax219.7219.70.04.1%(3.0)%Alcoholic Beverage State Tax1.0%228.8228.80.04.1%4.1%448.5448.50.0Alcoholic Beverage State Tax$219.79.8%$228.84.1%$448.514.7%Alcoholic Beverage State Tax$228.8$228.8$228.8$228.8Alcoholic Beverage State Tax0.0%0.0%0.0%0.0%

0.00.00.00.00.0%0.0

Bank Franchise Tax24.089.922.029.77.7(8.2)24.0Bank Franchise Tax29.70.124.053.70.1113.922.026.74.70.0(10.0)Bank Franchise Tax22.022.00.00.0(17.7)Bank Franchise Tax0.1%22.022.00.00.00.044.044.00.0Bank Franchise Tax22.0(25.9)22.00.044.0(18.0)Bank Franchise Tax22.022.022.022.0Bank Franchise Tax0.00.00.00.0

0.00.00.00.00.0%0.0

Beer & Beverage Excise Tax40.99.340.740.7(0.0)(0.4)(0.5)Beer & Beverage Excise Tax40.70.2(0.5)81.50.28.840.740.80.10.00.3Beer & Beverage Excise Tax40.740.70.00.0(0.2)Beer & Beverage Excise Tax0.2%40.740.70.00.00.081.481.40.0Beer & Beverage Excise Tax40.70.140.70.081.4(0.2)Beer & Beverage Excise Tax40.740.740.740.7Beer & Beverage Excise Tax0.00.00.00.0

0.00.00.00.00.0%0.0

Corporate Franchise & Charter Fees53.674.352.358.25.9(2.5)8.6Corporate Franchise & Charter Fees58.20.38.6111.90.382.952.359.26.90.01.6Corporate Franchise & Charter Fees52.352.30.00.0(11.6)Corporate Franchise & Charter Fees0.2%52.352.30.00.00.0104.6104.60.0Corporate Franchise & Charter Fees52.3(10.2)52.30.0104.6(6.5)Corporate Franchise & Charter Fees52.352.352.352.3Corporate Franchise & Charter Fees0.00.00.00.0

0.00.00.00.00.0%

Excess & Other Fees from Officers(7.7)(55.1)(7.5)(6.9)0.62.110.3Excess & Other Fees from Officers(6.9)(0.0)10.3(14.5)(0.0)(44.8)(7.5)(8.6)(1.1)0.0(25.9)Excess & Other Fees from Officers(7.5)(7.5)0.00.0(13.3)Excess & Other Fees from Officers-0.0%(7.5)(7.5)0.00.00.0(15.0)(15.0)0.0Excess & Other Fees from Officers(7.5)9.2(7.5)0.0(15.0)3.3Excess & Other Fees from Officers(7.5)(7.5)(7.5)(7.5)Excess & Other Fees from Officers0.00.00.00.0

0.00.00.00.00.0%0.0

Estate & Gifts0.958.80.00.20.2(100.0)(79.5)Estate & Gifts0.20.0(79.5)1.10.0(20.7)0.00.10.1n/an/aEstate & Gifts0.00.00.0n/an/aEstate & Gifts0.0%0.00.00.0n/an/a0.00.0n/aEstate & Gifts0.0n/a0.0n/a0.0n/aEstate & Gifts0.00.00.00.0Estate & Gifts

0.00.00.00.00.0%0.0

Institutional Revenues2.8(0.9)2.62.70.1(5.7)(2.3)Institutional Revenues2.70.0(2.3)5.50.0(3.3)2.62.6(0.0)0.0(4.6)Institutional Revenues2.62.60.00.01.1Institutional Revenues0.0%2.62.60.00.00.05.25.20.0Institutional Revenues2.6(3.5)2.60.05.2(4.6)Institutional Revenues2.62.62.62.6Institutional Revenues0.00.00.00.0

0.00.00.00.00.0%0.0

Interest & Rents61.7(6.6)129.387.3(42.0)109.441.4Interest & Rents87.30.441.4149.00.434.8129.3110.7(18.6)0.026.9Interest & Rents111.780.3(31.4)(13.6)(27.5)Interest & Rents0.4%104.992.2(12.7)(6.1)14.8216.6172.5(44.1)Interest & Rents111.728.0104.9(6.1)216.645.3Interest & Rents104.9104.9104.9104.9Interest & Rents0.00.00.00.0

0.00.00.00.00.0%

Licenses & Permits4.0(75.0)4.03.9(0.1)(0.1)(1.5)Licenses & Permits3.90.0(1.5)8.00.0(76.5)4.03.6(0.4)0.0(9.9)Licenses & Permits4.04.00.00.012.6Licenses & Permits0.0%4.04.00.00.00.08.08.00.0Licenses & Permits4.01.44.00.08.00.6Licenses & Permits4.04.04.04.0Licenses & Permits0.00.00.00.0

0.00.00.00.00.0%0.0

Miscellaneous Taxes and Penalties229.238.5236.8245.99.13.37.3Miscellaneous Taxes and Penalties245.91.17.3475.01.145.8236.8230.4(6.4)0.0(6.3)Miscellaneous Taxes and Penalties240.6220.6(20.0)1.6(4.2)Miscellaneous Taxes and Penalties1.0%240.5230.5(10.0)(0.0)4.5481.1451.1(30.0)Miscellaneous Taxes and Penalties240.6(2.1)240.5(0.0)481.11.3Miscellaneous Taxes and Penalties237.0237.0237.0237.0Miscellaneous Taxes and Penalties(1.5)0.00.00.0

0.00.00.00.00.0%0.0

Other Miscellaneous Revenues19.4(33.8)23.828.14.322.444.4Other Miscellaneous Revenues28.10.144.447.50.110.623.834.811.00.023.8Other Miscellaneous Revenues23.323.30.0(2.1)(33.0)Other Miscellaneous Revenues0.1%23.323.30.00.00.046.646.60.0Other Miscellaneous Revenues23.3(17.0)23.30.046.6(2.0)Other Miscellaneous Revenues23.423.423.423.4Other Miscellaneous Revenues0.40.00.00.0

0.00.00.00.00.0%0.0

Public Service GR / Consumption Tax98.7(22.7)98.998.9(0.0)0.20.2Public Service GR / Consumption Tax98.90.50.2197.60.5(22.5)98.997.0(1.9)0.0(1.9)Public Service GR / Consumption Tax98.998.90.00.01.9Public Service GR / Consumption Tax0.4%98.998.90.00.00.0197.8197.80.0Public Service GR / Consumption Tax98.90.098.90.0197.80.1Public Service GR / Consumption Tax98.998.998.998.9Public Service GR / Consumption Tax0.00.00.00.0

Total Revenue$19,880.896.9%$21,972.0$21,307.5($664.5)10.5%7.2%Total Revenue$21,307.596.9%7.2%41,188.31.07.2$21,972.0$21,737.8($234.2)3.1%2.0%Total Revenue$22,687.8$21,353.1($1,334.7)3.3%(1.8)%Total Revenue97.3%$23,538.3$22,185.5($1,352.8)3.7%3.9%$46,226.1$43,538.6($2,687.5)Total Revenue$22,687.82.3%$23,538.33.7%46,226.16.2%

0.00.00.00.0ERROR:#DIV/0!0.0%

TOTAL GF REVENUES$ERROR:#REF!44.5%$ERROR:#REF!$ERROR:#REF!ERROR:#REF!ERROR:#REF!%ERROR:#REF!%TOTAL GF REVENUES$ERROR:#REF!ERROR:#REF!ERROR:#REF!%ERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!$ERROR:#REF!ERROR:#REF!ERROR:#REF!%ERROR:#REF!%TOTAL GF REVENUESTOTAL GF REVENUESERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!%ERROR:#DIV/0!%TOTAL GF REVENUESERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!%ERROR:#REF!%ERROR:#REF!ERROR:#REF!ERROR:#REF!TOTAL GF REVENUES$ERROR:#REF!ERROR:#REF!%$ERROR:#REF!ERROR:#REF!%$ERROR:#REF!ERROR:#REF!%TOTAL GF REVENUES$ERROR:#REF!$ERROR:#REF!$ERROR:#REF!$ERROR:#REF!TOTAL GF REVENUESERROR:#REF!%ERROR:#REF!%ERROR:#REF!%ERROR:#REF!%

0.00.00.00.0ERROR:#DIV/0!0.0%

TRANSFERSTRANSFERS0.00.00.00.0TRANSFERSTRANSFERSERROR:#DIV/0!TRANSFERS0.0%TRANSFERSTRANSFERSTRANSFERS

0.00.00.0

A.B.C. Profits$$109.53.0%0.5$124.8$130.7$5.914.0%19.4%A.B.C. Profits$$130.70.619.4%240.20.622.5$124.8$137.5$12.7(4.5)%5.2%A.B.C. Profits$125.1$125.1$0.00.2%(9.0)%A.B.C. Profits0.6$128.7$128.7$0.02.9%2.9%$253.8$253.8$0.0A.B.C. Profits$125.1(2.8)%$128.72.9%$253.80.0%A.B.C. Profits$125.2$125.2$125.2$125.2A.B.C. Profits(2.7)%0.0%0.0%0.0%

0.00.00.00.0ERROR:#DIV/0!0.0ERROR:#DIV/0!ERROR:#DIV/0!0.0ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!

Lottery Proceeds Fund0.0ERROR:#REF!0.00.00.0ERROR:#DIV/0!ERROR:#DIV/0!Lottery Proceeds Fund0.00.0ERROR:#DIV/0!0.00.0ERROR:#REF!0.00.00.0ERROR:#DIV/0!ERROR:#DIV/0!Lottery Proceeds Fund0.00.00.0ERROR:#DIV/0!n/aLottery Proceeds Fund0.00.00.00.0n/an/a0.00.00.0Lottery Proceeds Fund0.0ERROR:#DIV/0!0.0ERROR:#DIV/0!0.0ERROR:#DIV/0!Lottery Proceeds Fund0.00.00.00.0Lottery Proceeds FundERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!

392.6392.61.8392.61.80.0406.00.00.0

Sales Tax (0.375%)376.6ERROR:#DIV/0!1.8421.6392.6(29.0)11.94.2Sales Tax (0.375%)392.61.84.2769.21.8ERROR:#DIV/0!421.6406.0(15.6)7.43.4Sales Tax (0.375%)426.9365.7(61.2)1.3(9.9)Sales Tax (0.375%)1.6433.7375.9(57.8)1.62.8860.6741.6(119.0)Sales Tax (0.375%)426.913.6433.71.6860.616.0Sales Tax (0.25%)441.3449.4457.7466.3Sales Tax (0.25%)1.81.81.81.9

0.00.00.00.00.00.0

Transfers142.290.40.7155.3134.7(20.6)9.2(5.3)Transfers134.70.7(5.3)276.90.785.1155.3160.45.115.319.1Transfers Per Act103.8103.80.0(33.2)(35.3)Transfers Per Act0.5103.8103.80.00.00.0207.6207.60.0Transfers Per Act103.8(0.0)103.80.0207.6(0.0)Transfers Per Appropriations Act115.0115.0115.0115.0Transfers Per Appropriations Act10.80.00.00.0

0.00.00.0

Total Transfers$$ 628.345.9%3.1%$701.7$658.0($43.7)11.7%4.7%Total Transfers$$658.03.1%4.7%1,286.30.050.7$701.7$703.9$2.26.6%7.0%Total Transfers$655.8$594.6($61.2)(6.5)%(15.5)%Total Transfers2.7%$666.2$608.4($57.8)1.6%2.3%$1,322.0$1,203.0($119.0)Total Transfers$655.87.8%$666.21.6%$1,322.09.9%Total Transfers$681.5$689.6$697.9$706.5Total Transfers2.3%1.2%1.2%1.2%

0.00.00.0

TOTAL GENERAL FUND$20,509.044.6%100.0%$22,673.7$21,965.5($708.2)10.6%7.1%TOTAL GENERAL FUND$$21,965.5100.0%7.1%42,474.61.051.7$22,673.7$22,441.7($232.0)3.2%2.2%TOTAL GENERAL FUND$$23,343.6$$21,947.7$(1,395.9)3.0%(2.2)%TOTAL GENERAL FUND100.0%$24,204.5$22,793.9($1,410.6)3.7%3.9%$47,548.1$44,741.6($2,806.5)TOTAL GENERAL FUND$23,343.62.4%$24,204.53.7%$47,548.16.3%TOTAL GENERAL FUND$ERROR:#REF!$ERROR:#REF!$ERROR:#REF!$ERROR:#REF!TOTAL GENERAL FUNDERROR:#REF!%ERROR:#REF!%ERROR:#REF!%ERROR:#REF!%

$ Change From Previous Year$ERROR:#REF!$ERROR:#REF!$ERROR:#REF!$ERROR:#REF!

TOTAL BIENNIUM GENERAL FUND$ERROR:#REF!$ERROR:#REF!

$ Change From Previous Biennium$ERROR:#REF!$ERROR:#REF!

% Growth From Previous BienniumERROR:#REF!ERROR:#REF!%

Print

The Official to Actual General Fund Forecast for Fiscal Year 2020The Official to Interim General Fund Forecast for Fiscal Year 2021The Official to Interim General Fund Forecast for Fiscal Year 2022The December General Fund Forecast for Fiscal Years 2020-22The December General Fund Forecast for Fiscal Years 2023-26The December General Fund Forecast for Fiscal Years 2023-26

(Dollars in Millions)August 18, 2020(Dollars in Millions)August 18, 2020(Dollars in Millions)August 18, 2020(Dollars in Millions)August 18, 2020(Dollars in Millions)August 18, 2020(Dollars in Millions)August 18, 2020

Fiscal Year 2019Fiscal Year 2020Fiscal Year 2021Fiscal Year 20222020-2022 BienniumFiscal Year 2021Fiscal Year 20222020-2022 BienniumFY 23FY 24FY 25FY 26

Official% Growth Over FY19OfficialInterim% Growth Over FY20OfficialInterim% Growth Over FY21OfficialInterimInterim% Growth Over FY 20Interim% Growth Over FY 21Interim% Growth Over 18-20Fiscal YearFiscal YearFiscal YearFiscal Year% Growth% Growth% Growth% Growth

Actual% GrowthForecastActualChangeOfficialActualForecastForecastChangeOfficialInterimForecastForecastChangeOfficialInterimForecastForecastChangeForecastForecastForecast2023202420252026Over FY 22Over FY 23Over FY 24Over FY 25

MAJOR TAX SOURCESMAJOR TAX SOURCESMAJOR TAX SOURCESMAJOR TAX SOURCESMAJOR TAX SOURCESMAJOR TAX SOURCES

Corporate Income$943.49.5%$1,031.5$1,011.7$(19.9)9.3%7.2%Corporate Income$1,019.2$1,041.7$22.5(1.2)%3.0%Corporate Income$1,132.6$1,143.0$10.411.1%9.7%$2,151.8$2,184.7$32.9Corporate Income$1,019.2(10.8)%$1,132.611.1%$2,151.8(1.5)%Corporate Income$1,230.5$1,267.4$1,298.4$1,355.4Corporate Income8.6%3.0%2.4%4.4%

Individual Income Tax:Individual Income Tax:Individual Income Tax:Individual Income Tax:Individual Income Tax:Individual Income Tax:

Gross16,964.75.917,396.017,182.5(213.5)2.51.3Gross18,219.017,373.1(845.9)4.71.1Gross18,982.918,125.9(857.0)4.24.337,201.935,499.0(1,702.9)Gross18,219.00.518,982.94.237,201.94.8Gross19,864.220,751.721,824.322,585.3Gross4.64.55.23.5

0.0

Withholding12,987.83.613,591.913,378.1(213.8)4.73.0Withholding14,118.013,704.2(413.8)3.92.4Withholding14,676.414,341.0(335.4)4.04.628,794.428,045.2(749.2)Withholding14,118.0(1.6)14,676.44.028,794.42.7Withholding15,273.615,903.316,569.317,266.8Withholding4.14.14.24.2

0.0

Nonwithholding3,976.814.53,804.13,804.50.4(4.3)(4.3)Nonwithholding4,101.03,668.9(432.1)7.8(3.6)Nonwithholding4,306.53,784.9(521.6)5.03.28,407.57,453.8(953.7)Nonwithholding4,101.08.44,306.55.08,407.512.8Nonwithholding4,590.64,848.45,255.05,318.5Nonwithholding6.65.68.41.2

0.0

Refunds(1,738.2)(8.9)(1,976.6)(1,830.9)145.713.75.3Refunds(2,059.9)(1,924.9)135.04.25.1Refunds(2,137.4)(2,062.4)75.03.87.1(4,197.3)(3,987.3)210.0Refunds(2,059.9)(0.1)(2,137.4)3.8(4,197.3)5.3Refunds(2,221.1)(2,310.0)(2,405.2)(2,482.7)Refunds3.94.04.13.2

0.0

Net15,226.57.915,419.415,351.6(67.8)1.30.8Net16,159.115,448.2(710.9)4.80.6Net16,845.516,063.5(782.0)4.24.033,004.631,511.7(1,492.9)Net16,159.10.616,845.54.233,004.64.7Net17,643.118,441.719,419.120,102.6Net4.74.55.33.5

0.0

Insurance Company Premiums382.013.0394.1360.6(33.5)3.2(5.6)Insurance Company Premiums420.1337.4(82.7)6.6(6.4)Insurance Company Premiums437.1359.5(77.6)4.06.6857.2696.9(160.3)Insurance Company Premiums420.116.8437.14.0857.223.0Insurance Company Premiums454.5472.6491.6511.3Insurance Company Premiums4.04.04.04.0

0.0

State Sales & Use Tax3,580.43.43,844.53,706.8(137.7)7.43.5State Sales & Use Tax3,893.03,346.5(546.5)1.3(9.7)State Sales & Use Tax3,955.63,438.7(516.9)1.62.87,848.66,785.2(1,063.4)State Sales & Use Tax3,893.013.23,955.61.67,848.615.7State Sales & Use Tax4,024.94,098.64,174.44,252.9State Sales & Use Tax1.81.81.81.9

0.0

Wills, Suits, Deeds, & Contract Fees386.5(2.1)468.6483.514.921.325.1Wills, Suits, Deeds, & Contract Fees388.1422.434.3(17.2)(12.6)Wills, Suits, Deeds, & Contract Fees357.0393.036.0(8.0)(7.0)745.1815.470.3Wills, Suits, Deeds, & Contract Fees388.1(1.2)357.0(8.0)745.1(8.6)Wills, Suits, Deeds, & Contract Fees357.0357.0357.0357.0Wills, Suits, Deeds, & Contract Fees0.00.00.00.0

Total Major Tax Sources$20,518.77.1%$21,158.1$20,914.2$(243.9)3.1%1.9%Total Major Tax Sources$21,879.5$20,596.2$(1,283.3)3.4%(1.5)%Total Major Tax Sources$22,727.8$21,397.7$(1,330.1)3.9%3.9%$44,607.3$41,993.9$(2,613.4)Total Major Tax Sources$21,879.52.3%$22,727.83.9%$44,607.36.2%Total Major Tax Sources$23,710.0$24,637.3$25,740.5$26,579.2Total Major Tax Sources4.3%3.9%4.5%3.3%

MISCELLANEOUS TAXES AND OTHER REVENUESMISCELLANEOUS TAXES AND OTHER REVENUESMISCELLANEOUS TAXES AND OTHER REVENUESMISCELLANEOUS TAXES AND OTHER REVENUESMISCELLANEOUS TAXES AND OTHER REVENUESMISCELLANEOUS TAXES AND OTHER REVENUES

Alcoholic Beverage State Tax$200.14.8%$211.0$226.4$15.45.4%13.2%Alcoholic Beverage State Tax$219.7$219.7$0.04.1%(3.0)%Alcoholic Beverage State Tax$228.8$228.8$0.04.1%4.1%$448.5$448.5$0.0Alcoholic Beverage State Tax$219.7(4.0)%$228.84.1%$448.50.0%Alcoholic Beverage State Tax$228.8$228.8$228.8$228.8Alcoholic Beverage State Tax0.0%0.0%0.0%0.0%

%0.0

Bank Franchise Tax29.724.022.026.74.7(25.9)(10.0)Bank Franchise Tax22.022.00.00.0(17.7)Bank Franchise Tax22.022.00.00.00.044.044.00.0Bank Franchise Tax22.00.022.00.044.00.0Bank Franchise Tax22.022.022.022.0Bank Franchise Tax0.00.00.00.0

%0.0

Beer & Beverage Excise Tax40.7(0.5)40.740.80.10.10.3Beer & Beverage Excise Tax40.740.70.00.0(0.2)Beer & Beverage Excise Tax40.740.70.00.00.081.481.40.0Beer & Beverage Excise Tax40.70.040.70.081.40.0Beer & Beverage Excise Tax40.740.740.740.7Beer & Beverage Excise Tax0.00.00.00.0

0.0

Corporate Franchise & Charter Fees58.28.652.359.26.9(10.2)1.6Corporate Franchise & Charter Fees52.352.30.00.0(11.6)Corporate Franchise & Charter Fees52.352.30.00.00.0104.6104.60.0Corporate Franchise & Charter Fees52.30.052.30.0104.60.0Corporate Franchise & Charter Fees52.352.352.352.3Corporate Franchise & Charter Fees0.00.00.00.0

Excess & Other Fees from Officers(6.9)10.3(7.5)(8.6)(1.1)(9.2)(25.9)Excess & Other Fees from Officers(7.5)(7.5)0.00.0(13.3)Excess & Other Fees from Officers(7.5)(7.5)0.00.00.0(15.0)(15.0)0.0Excess & Other Fees from Officers(7.5)0.0(7.5)0.0(15.0)0.0Excess & Other Fees from Officers(7.5)(7.5)(7.5)(7.5)Excess & Other Fees from Officers0.00.00.00.0

%0.0

Estate & Gifts0.2(79.5)0.00.10.1(100.0)(58.1)Estate & Gifts0.00.00.0n/an/aEstate & Gifts0.00.00.0n/an/a0.00.0n/aEstate & Gifts0.0n/a0.0n/a0.0n/aEstate & Gifts0.00.00.00.0Estate & Gifts

%0.0

Institutional Revenues2.7(2.3)2.62.6(0.0)(3.5)(4.6)Institutional Revenues2.62.60.00.01.1Institutional Revenues2.62.60.00.00.05.25.20.0Institutional Revenues2.60.02.60.05.20.0Institutional Revenues2.62.62.62.6Institutional Revenues0.00.00.00.0

%0.0

Interest & Rents87.341.4129.3110.7(18.6)48.126.9Interest & Rents111.780.3(31.4)(13.6)%(27.5)Interest & Rents104.992.2(12.7)(6.1)14.8216.6172.5(44.1)Interest & Rents111.721.1104.9(6.1)216.625.6Interest & Rents104.9104.9104.9104.9Interest & Rents0.00.00.00.0

Licenses & Permits3.9(1.5)4.03.6(0.4)1.4(9.9)Licenses & Permits4.04.00.00.0%12.6Licenses & Permits4.04.00.00.00.08.08.00.0Licenses & Permits4.00.04.00.08.00.0Licenses & Permits4.04.04.04.0Licenses & Permits0.00.00.00.0

%0.0

Miscellaneous Taxes and Penalties245.97.3236.8230.4(6.4)(3.7)(6.3)Miscellaneous Taxes and Penalties240.6220.6(20.0)1.6%(4.2)Miscellaneous Taxes and Penalties240.5230.5(10.0)(0.0)4.5481.1451.1(30.0)Miscellaneous Taxes and Penalties240.64.4240.5(0.0)481.16.7Miscellaneous Taxes and Penalties237.0237.0237.0237.0Miscellaneous Taxes and Penalties(1.5)0.00.00.0

%0.0

Other Miscellaneous Revenues28.144.423.834.811.0(15.2)23.8Other Miscellaneous Revenues23.323.30.0(2.1)%(33.0)Other Miscellaneous Revenues23.323.30.00.00.046.646.60.0Other Miscellaneous Revenues23.30.023.30.046.60.0Other Miscellaneous Revenues23.423.423.423.4Other Miscellaneous Revenues0.40.00.00.0

%0.0

Public Service GR / Consumption Tax98.90.298.997.0(1.9)0.0(1.9)Public Service GR / Consumption Tax98.998.90.00.0%1.9Public Service GR / Consumption Tax98.998.90.00.00.0197.8197.80.0Public Service GR / Consumption Tax98.90.098.90.0197.80.0Public Service GR / Consumption Tax98.998.998.998.9Public Service GR / Consumption Tax0.00.00.00.0

Total Misc. Taxes and Other Revenues$788.89.8%$813.9$823.6$9.73.2%4.4%Total Misc. Taxes and Other Revenues$808.3$756.9$(51.4)(0.7)%(8.1)%Total Misc. Taxes and Other Revenues$810.5$787.8$(22.7)0.3%4.1%$1,618.8$1,544.7$(74.1)Total Misc. Taxes and Other Revenues$808.32.6%$810.50.3%$1,618.84.8%Total Misc. Taxes and Other Revenues$807.1$807.1$807.1$807.1Total Misc. Taxes and Other Revenues(0.4)%0.0%0.0%0.0%

TOTAL GF REVENUES$21,307.57.2%$21,972.0$21,737.8$(234.2)3.1%2.0%TOTAL GF REVENUES$22,687.8$21,353.1$(1,334.7)3.3%(1.8)%TOTAL GF REVENUES$23,538.3$22,185.5$(1,352.8)3.7%3.9%$46,226.1$43,538.6$(2,687.5)TOTAL GF REVENUES$22,687.82.3%$23,538.33.7%$46,226.16.2%TOTAL GF REVENUES$24,517.1$25,444.4$26,547.6$27,386.3TOTAL GF REVENUES4.2%3.8%4.3%3.2%

TRANSFERSTRANSFERSTRANSFERSTRANSFERSTRANSFERSTRANSFERS

A.B.C. Profits$130.719.4%$124.8$137.5$12.7(4.5)%5.2%A.B.C. Profits$125.1$125.1$0.00.2%(9.0)%A.B.C. Profits$128.7$128.7$0.02.9%2.9%$253.8$253.8$0.0A.B.C. Profits$125.1(2.8)%$128.72.9%$253.80.0%A.B.C. Profits$125.2$125.2$125.2$125.2A.B.C. Profits(2.7)%0.0%0.0%0.0%

ERROR:#DIV/0!%ERROR:#DIV/0!%ERROR:#DIV/0!ERROR:#DIV/0!0.0ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!

Lottery Proceeds Fund0.0ERROR:#DIV/0!0.00.00.0ERROR:#DIV/0!ERROR:#DIV/0!Lottery Proceeds Fund0.00.00.0ERROR:#DIV/0!%ERROR:#DIV/0!%Lottery Proceeds Fund0.00.00.0n/an/a0.00.00.0Lottery Proceeds Fund0.0ERROR:#DIV/0!0.0ERROR:#DIV/0!0.0ERROR:#DIV/0!Lottery Proceeds Fund0.00.00.00.0Lottery Proceeds FundERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!

406.0%0.0

Sales Tax (0.25%)392.64.2421.6406.0(15.6)7.43.4Sales Tax (0.375%)426.9365.7(61.2)1.3(9.9)Sales Tax (0.375%)433.7375.9(57.8)1.62.8860.6741.6(119.0)Sales Tax (0.375%)426.913.6433.71.6860.616.0Sales Tax (0.375%)441.3449.4457.7466.3Sales Tax (0.375%)1.81.81.81.9

%0.0

Transfers Per Appropriations Act134.7(5.3)155.3160.45.115.319.1Transfers Per Appropriations Act103.8103.80.0(33.2)(35.3)Transfers Per Appropriations Act103.8103.80.00.00.0207.6207.60.0Transfers Per Appropriations Act103.8(0.0)103.80.0207.6(0.0)Transfers Per Appropriations Act115.0115.0115.0115.0Transfers Per Appropriations Act10.80.00.00.0

Total Transfers$658.04.7%$701.7$703.9$2.26.6%7.0%Total Transfers$655.8$594.6$(61.2)(6.5)%(15.5)%Total Transfers$666.2$608.4$(57.8)1.6%2.3%$1,322.0$1,203.0$(119.0)Total Transfers$655.87.8%$666.21.6%$1,322.09.9%Total Transfers$681.5$689.6$697.9$706.5Total Transfers2.3%1.2%1.2%1.2%

TOTAL GENERAL FUND$21,965.57.1%$22,673.7$22,441.7$(232.0)3.2%2.2%TOTAL GENERAL FUND$23,343.6$21,947.7$(1,395.9)3.0%(2.2)%TOTAL GENERAL FUND$24,204.5$22,793.9$(1,410.6)3.7%3.9%$47,548.1$44,741.6$(2,806.5)TOTAL GENERAL FUND$23,343.62.4%$24,204.53.7%$47,548.16.3%TOTAL GENERAL FUND$25,198.6$26,134.0$27,245.5$28,092.8TOTAL GENERAL FUND4.1%3.7%4.3%3.1%

$ Change From Previous Year$994.1$935.4$1,111.5$847.3

The Official forecast is based on the October 2019 IHS Markit Standard Outlook and the corresponding Virginia state forecast developed by the Department of Taxation with recommendations of GACRE. It includes actions of the 2020 General Assembly Session, Chapter 1283 and 1289.The Official forecast is based on the October 2019 IHS Markit Standard Outlook and the corresponding Virginia state forecast developed by the Department of Taxation with recommendations of GACRE. It includes actions of the 2020 General Assembly Session, Chapter 1283 and 1289.The Official forecast is based on the October 2019 IHS Markit Standard Outlook and the corresponding Virginia state forecast developed by the Department of Taxation with recommendations of GACRE. It includes actions of the 2020 General Assembly Session, Chapter 1283 and 1289.The Interim forecast is based on the June 2020 IHS Markit Standard Outlook and the corresponding Virginia state forecast developed by the Department of Taxation.

TOTAL BIENNIUM GENERAL FUND$51,332.5$55,338.2

The Interim forecast is based on the June 2020 IHS Markit Standard Outlook and the corresponding Virginia state forecast developed by the Department of Taxation.The Interim forecast is based on the June 2020 IHS Markit Standard Outlook and the corresponding Virginia state forecast developed by the Department of Taxation.The Interim forecast is based on the June 2020 IHS Markit Standard Outlook and the corresponding Virginia state forecast developed by the Department of Taxation.The Official forecast is based on the October 2019 IHS Markit Standard Outlook and the corresponding Virginia state forecast developed by the Department of Taxation with recommendations of GACRE. It includes actions of the 2020 General Assembly Session, Chapter 1283 and 1289.

$ Change From Previous Biennium$3,784.4$4,005.7

% Growth From Previous Biennium8.07.8%

Input

Input Data

ACTUALACTUALACTUALActualActualActualActualActualActualActualActualThis two columns are for new biennium

FY85FY86FY87FY88FY89FY90FY91FY92FY93FY94FY95FY96FY97FY98FY99FY00FY01FY02FY03FY04FY05FY06FY07FY08FY09FY10FY11FY12FY13FY14FY15 actFY16 ACTFY17 7/17FY18 7/18FY19 7/19FY20 11/19FY20 3/20FY20 4/20FY21 5/20FY21 6/20% growth$ DiffFY22 5/20FY22 6/20% growth$ DiffFY21 11/19% growthFY16 08/09FY16 12/09FY16 12/10FY16 02/11FY22 11/19% growth% growthFY17 12/10FY23% growthFY18 12/10FY24% growthFY25FY26

GROSS INDIVIDUAL2,343.32,610.02,963.43,198.13,556.43,642.13,734.63,827.54,099.04,338.04,581.94,927.25,344.96,043.76,799.87,530.98,061.77,881.97,970.18,602.19,586.610,591.211,347.411,794.711,448.511,082.911,813.67812,397.55513,059.013,009.214,086.014,376.414,913.916,013.416,964.717,261.517,396.017,182.518,219.017,373.11.1%(845.9)18,982.918,125.94.3%(857.0)18,219.00.5%15,199.414,468.114,741.614,800.318,982.94.2%ERROR:#REF!15,554.219,864.24.6%16,351.420,751.74.5%21,824.322,585.3

WITHHOLDING2,512.52,737.32,851.22,958.93,099.13,347.83,562.63,798.64,049.04,303.04,759.05,311.95,861.36,254.96,422.46,567.47,039.37,513.08,061.08,565.58,933.69,138.19,176.29,635.05810,039.66810,251.310,484.211,044.311,306.311,895.412,540.512,987.813,591.913,591.913,378.13.0%14,118.013,704.22.4%(413.8)14,676.414,341.04.6%(335.4)14,118.0-1.6%12,199.511,523.911,881.111,933.714,676.44.0%ERROR:#REF!12,495.015,273.64.1%13,110.615,903.34.1%16,569.317,266.8x

Base7,513.08,061.08,565.58,933.69,138.19,176.29,635.0589,635.05810,286.311,044.311,306.311,895.413,525.713,525.713,378.114,118.013,704.214,676.414,341.014,118.012,199.511,533.811,891.011,899.614,676.412,504.915,273.613,120.515,903.316,569.317,266.8x

Explicit adjustment80.066.266.21stQtr1stQtr44.0x

Other (Partnership, Leg Chng, etc.)(9.9)(9.9)(9.9)(9.9)(9.9)x

NONWITHHOLDING685.6819.1790.8775.6728.3751.3775.3783.4878.11,041.91,284.71,487.81,669.71,806.81,459.51,402.71,562.82,073.52,530.22,782.02,861.22,310.41,906.82,178.6202,357.8872,807.72,524.93,041.63,070.13,018.53,472.93,976.83,669.63,804.13,804.5-4.3%4,101.03,668.9-3.6%(432.1)4,306.53,784.93.2%(521.6)4,101.08.4%2,999.92,944.22,860.52,866.64,306.55.0%ERROR:#REF!3,059.24,590.66.6%3,240.84,848.45.6%5,255.05,318.5

Base EP2,024.62,472.92,782.02,861.22,310.41,906.82,178.6202,178.6202,484.51,572.51,850.02,000.01,948.52,239.52,121.02,397.92,551.92,256.96.4%2,381.32,056.9-8.9%2,448.12,050.7-0.3%2,381.316.1%2,957.82,872.12,788.32,813.02,448.12.8%2,987.02,570.95.0%3,168.62,695.92,946.63,108.8x

FP48.957.3952.41,191.61,070.11,070.01,233.41,855.81,481.01,481.01,547.6-16.6%1,769.61,661.97.4%1,875.91,751.713.2%1,769.61.0%1,875.96.0%2,032.18.3%2,156.92,305.02,421.1x

Other (Partnership, Leg Chng, etc.)33.133.1(209.3)(228.8)(49.9)(49.9)(17.5)(17.5)(49.9)42.172.172.253.6(17.5)72.2(12.4)72.2(4.4)3.4(211.4)

REFUNDS395.1435.8517.6440.2449.5559.9498.6506.2514.3526.1553.8579.1617.1638.2711.9702.0835.41,171.11,194.41,217.21,234.21,282.61,559.81,679.91,967.41,994.71,869.3081,784.7191,719.11,755.81,757.31,820.71,861.01,907.61,738.21,976.61,976.61,830.95.3%2,059.91,924.95.1%(135.0)2,137.42,062.47.1%(75.0)2,059.9-0.1%2,026.02,061.92,114.52,082.42,137.43.8%ERROR:#REF!2,222.82,221.13.9%2,337.12,310.04.0%2,405.22,482.7

Base1,234.21,282.61,559.81,679.91,967.41,994.71,869.3081,869.3081,784.31,784.31,757.31,820.71,861.01,738.21,984.31,984.31,830.92,067.62,067.62,145.12,145.12,067.62,076.02,111.92,114.52,118.42,145.12,222.82,228.82,337.12,317.72,412.92,490.4

(135.0)(75.0)(36.0)

Conformity -EITC7.07.0(7.7)(7.7)(7.7)(7.7)(7.7)(7.7)(7.7)(50.0)(50.0)(7.7)(7.7)(7.7)(7.7)(7.7)

NET INDIVIDUAL1,948.22,174.32,445.82,757.93,106.93,082.23,236.03,321.23,584.83,811.94,028.14,348.04,727.85,405.46,087.96,828.97,226.36,710.86,775.77,384.98,352.49,308.69,787.610,114.89,481.19,088.39,944.37010,612.83611,340.011,253.312,328.712,555.613,052.914,105.815,226.515,284.915,419.415,351.60.8%16,159.115,448.20.6%(710.9)16,845.516,063.54.0%(782.0)16,159.10.6%13,173.412,406.212,627.112,717.916,845.54.2%ERROR:#REF!13,331.417,643.14.7%14,014.318,441.74.5%19,419.120,102.6

SALES930.61,023.01,105.71,192.11,292.91,357.61,336.51,348.81,441.61,539.11,657.71,722.01,826.81,919.22,065.32,201.52,273.02,429.82,336.02,562.32,946.12,812.73,049.13,075.52,903.43,082.53,012.3793,121.5033,219.83,066.53,235.43,295.93,357.13,461.83,580.43,794.53,844.53,706.83.5%3,893.03,346.5-9.7%(546.5)3,955.63,438.72.8%(516.9)3,893.013.2%3,653.93,560.63,692.53,668.53,955.61.6%ERROR:#REF!3,873.64,024.91.8%4,054.34,098.61.8%4,174.44,252.9

Base2,768.72,890.83,016.83,058.52,903.42,858.73,012.3793,012.3793,187.33,250.03,235.43,295.93,357.13,580.43,662.93,662.93,706.83,722.03,425.5-7.6%(296.5)3,784.63,438.70.4%(345.9)3,722.03,650.03,495.83,642.93,657.73,784.63,824.03,853.94,004.73,924.94,000.74,079.2

AST Unwind177.477.432.317.0(27.2)(27.2)(79.0)0.0

Leg Chg &TTF&.125FY14(155.4)223.8223.845223.845(1.2)(1.2)158.8208.8171.0171.0171.03.964.849.610.8171.049.6171.049.6173.7173.7173.7

CORPORATE287.7280.8318.8336.1349.9310.4279.2275.9371.5312.1376.4402.3432.3450.8420.4565.9363.8290.2343.3425.7616.7871.6879.6807.9648.0806.5822.259859.923796.7757.5831.9764.9827.0861.9943.4964.51,031.51,011.77.2%1,019.21,041.73.0%22.51,132.61,143.09.7%10.41,019.2-10.8%921.3905.5937.7914.71,132.611.1%ERROR:#REF!907.51,230.58.6%925.91,267.43.0%1,298.41,355.4

Base584.1846.6879.6807.9648.0806.5806.473806.473868.1868.1831.9764.9827.0910.9910.91,011.7942.9965.4977.7988.1942.9908.2892.4939.0965.3977.7960.01,018.3978.41,066.51,118.61,167.6

YTD Collect adj32.625.0(25.0)(25.0)

Other (Partnership, Leg Chng, etc.)(22.2)(22.2)53.6120.676.376.3154.9154.976.313.113.1(1.3)(50.6)154.9(52.5)(52.5)(52.5)212.2(52.5)200.9179.8187.8

PUBLIC SERVICE138.4135.0145.6152.1107.0101.695.5102.497.8118.7108.6115.5126.3101.8111.9104.293.477.291.286.988.390.088.096.491.397.393.77794.42996.298.298.592.695.198.798.998.998.997.098.998.91.9%0.098.998.90.0%0.098.90.0%95.494.296.493.998.90.0%ERROR:#REF!96.498.90.0%96.498.90.0%98.998.9x

INSURANCE108.6131.2158.5180.5190.3178.6157.7174.8180.3196.4208.2218.0219.0237.0244.9251.1268.1292.7333.0351.3373.6373.8384.9396.9255.0261.9281.563252.895262.2320.4300.6339.1340.9337.9382.0409.1394.1360.6420.1337.4-6.4%(82.7)437.1359.56.6%(77.6)420.116.8%364.2354.4348.8340.3437.14.0%ERROR:#REF!369.5454.54.0%383.1472.64.0%491.6511.3

Base255.0261.9261.881261.881386.7386.7471.1489.5516.2592.7577.7617.7520.7643.0533.1617.7531.4519.6512.5502.2643.0540.6668.8563.6695.5723.4752.4

Transportation Fund(131.1)(131.1)(150.6)(150.4)(163.1)(183.6)(183.6)(197.6)(183.3)(205.9)(173.6)(197.6)13.8%(167.2)(165.2)(163.7)(161.9)(205.9)(171.1)(214.3)(180.5)(222.9)(231.8)(241.1)

ALCOHOLIC STATE60.865.062.261.861.962.364.063.964.362.362.665.966.167.371.477.382.886.487.895.9102.7110.0118.7125.3129.6131.6135.993143.388152.9157.4166.0175.3180.7191.0200.1211.0211.0226.4219.7219.7-3.0%0.0228.8228.84.1%0.0219.7-4.0%136.7137.9143.2143.2228.84.1%ERROR:#REF!143.2228.80.0%143.2228.80.0%228.8228.8

BEER & BEVERAGE35.335.837.838.638.639.039.038.138.338.838.438.537.538.239.139.940.141.140.942.241.842.943.143.543.643.542.94442.99142.341.841.942.341.740.940.740.740.740.840.740.7-0.2%0.040.740.70.0%0.040.70.0%44.343.443.543.340.70.0%ERROR:#REF!43.540.70.0%43.540.70.0%40.740.7x

WILLS59.876.6105.395.5101.291.671.983.799.6114.984.795.5103.4126.8157.9146.3167.6214.4285.8340.6596.1694.7582.9456.3314.3290.2291.457322.071377.5310.8346.3369.1394.4394.9386.5437.6468.6483.525.1%388.1422.4-12.6%34.3357.0393.0-7.0%36.0388.1-1.2%284.0284.0294.1322.9357.0-8.0%ERROR:#REF!294.1357.00.0%294.1357.00.0%357.0357.0

Base389.8426.7374.0294.0314.3290.2291.973291.973423.0377.0404.0441.0437.6468.6388.1422.5357.0393.0388.1317.5317.5328.7361.3357.0328.7357.0328.7357.0357.0357.0

Tax Reform187.8249.0208.9162.310.0(47.2)48.848.845.845.742.242.245.842.242.243.643.643.6

Transportation Fund(45.5)(40.5)(38.2)(44.6)(43.6)(48.8)(48.8)(45.8)(45.8)(42.2)(42.2)(45.8)(33.5)(33.5)(34.6)(38.4)(42.2)(34.6)(42.2)(34.6)(43.6)(43.6)(43.6)

Other (Partnership, Leg Chng, etc.)18.419.1

INHERITANCE28.119.932.843.244.763.146.948.847.983.077.769.492.2122.3154.1150.1126.8133.7143.3149.6150.0160.4152.9153.46.05.72.7130.298(0.3)0.20.10.28.20.90.20.00.00.10.00.0-100.0%0.00.00.0ERROR:#DIV/0!0.00.0ERROR:#DIV/0!0.00.00.00.00.0ERROR:#DIV/0!ERROR:#REF!0.00.0ERROR:#DIV/0!0.00.0ERROR:#DIV/0!0.00.0x

Base155.5155.5x

Leg Change - Repeal(155.5)(155.5)x

TOBACCO16.917.217.117.016.516.215.315.214.814.915.816.016.015.715.415.215.115.015.316.16.30.00.00.00.00.00.0000.0000.00.00.00.00.00.00.00.00.00.00.00.0ERROR:#DIV/0!0.00.00.0ERROR:#DIV/0!0.00.0ERROR:#DIV/0!0.00.00.00.00.0ERROR:#DIV/0!ERROR:#REF!0.00.0ERROR:#DIV/0!0.00.0ERROR:#DIV/0!0.00.0x

BANK FRANCHISE2.62.93.84.34.95.25.14.34.65.97.58.48.88.413.312.34.610.29.38.710.612.312.613.822.523.124.40318.88120.422.519.017.822.024.029.722.022.026.722.022.0-17.7%0.022.022.00.0%0.022.00.0%15.310.012.419.322.00.0%ERROR:#REF!12.422.00.0%12.422.00.0%22.022.0x

OTHER TAXES0.50.81.91.00.1(3.0)(5.7)0.8(2.4)(1.2)(4.2)(3.5)(3.3)(1.4)(0.6)(2.5)(2.8)(12.9)(9.0)15.331.115.16.71.75.83.1(2.790)1.075(0.5)6.511.214.19.215.417.513.513.59.213.413.446.4%0.013.313.3-0.7%0.014.113.40.8%6.94.66.42.613.3-0.7%ERROR:#REF!6.413.73.0%6.413.70.0%13.713.7x

LICENSES & PERMITS4.04.54.84.51.01.01.11.21.11.91.71.71.81.51.51.51.61.51.54.64.64.84.84.64.34.34.3504.2414.24.04.14.14.24.03.94.04.03.64.04.012.6%0.04.04.00.0%0.04.00.0%4.34.34.34.34.00.0%4.34.34.34.00.0%4.34.00.0%4.04.0x

VEHICLE LICENSES3.94.14.34.40.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0000.0000.00.00.00.00.00.00.00.00.00.00.00.0ERROR:#DIV/0!0.00.00.0ERROR:#DIV/0!0.00.0ERROR:#DIV/0!0.00.00.00.00.0ERROR:#DIV/0!ERROR:#REF!0.00.0ERROR:#DIV/0!0.00.0ERROR:#DIV/0!0.00.0x

CORP. FRANCHISE7.112.111.811.912.315.912.813.016.618.219.018.819.914.322.121.622.922.436.739.143.146.447.947.049.446.644.40442.32947.150.248.653.653.453.658.252.352.359.252.352.3-11.6%0.052.352.30.0%0.052.30.0%43.443.443.443.452.30.0%43.443.443.452.30.0%43.452.30.0%52.352.3x

FEES: PROFESSIONS0.20.20.20.20.30.30.30.30.40.80.90.80.80.91.01.01.11.21.11.10.00.00.00.00.00.00.0000.0000.00.00.00.00.00.00.00.00.0ERROR:#DIV/0!0.00.00.0ERROR:#DIV/0!0.00.0ERROR:#DIV/0!0.00.00.00.00.0ERROR:#DIV/0!ERROR:#REF!0.00.0ERROR:#DIV/0!0.00.0ERROR:#DIV/0!0.00.0x

PRIVILEGES1.21.51.41.5(0.0)0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0000.0000.00.00.00.00.00.00.00.00.00.00.00.0ERROR:#DIV/0!0.00.00.0ERROR:#DIV/0!0.00.0ERROR:#DIV/0!0.00.00.00.00.0ERROR:#DIV/0!ERROR:#REF!0.00.0ERROR:#DIV/0!0.00.0ERROR:#DIV/0!0.00.0x

SERVICES2.33.03.34.24.13.15.66.17.38.29.19.19.910.110.09.911.312.911.212.013.314.115.615.813.711.711.13310.45610.911.311.511.011.712.313.411.711.715.411.711.7-24.1%0.011.711.70.0%0.011.70.0%11.711.711.711.711.70.0%11.711.711.711.70.0%11.711.70.0%11.711.7x

SALES PROPERTY0.70.40.20.11.40.10.30.00.40.40.10.00.90.53.01.10.10.31.02.011.87.0(0.0)0.00.00.82.8734.3730.12.80.41.20.05.40.40.00.01.80.00.0-100.0%0.00.00.0ERROR:#DIV/0!0.00.0ERROR:#DIV/0!0.00.00.00.00.0ERROR:#DIV/0!ERROR:#REF!0.00.0ERROR:#DIV/0!0.00.0ERROR:#DIV/0!0.00.0x

ASS. & REC. SP. SERV 0.80.60.30.70.70.60.50.50.30.40.40.50.40.20.30.20.40.40.40.30.30.30.20.50.40.40.4360.3500.30.40.50.40.20.60.40.40.40.30.40.440.4%0.00.40.40.0%0.00.40.0%0.40.40.40.40.40.0%ERROR:#REF!0.40.40.0%0.40.40.0%0.40.4x

INSTITUTIONAL2.72.62.72.72.72.93.95.05.55.56.711.011.710.68.49.17.99.27.99.69.28.27.27.66.46.06.4465.8425.75.67.45.32.32.82.72.62.62.62.62.61.1%0.02.62.60.0%0.02.60.0%6.26.26.26.22.60.0%6.26.26.22.60.0%6.22.60.0%2.62.6x

INTEREST91.792.876.479.285.7101.737.442.448.153.464.582.3114.9105.8126.1131.2133.2100.481.761.483.996.8175.9189.3104.294.381.12277.15667.574.148.752.255.661.487.0129.0129.0110.4111.480.0-27.5%(31.4)104.691.914.9%(12.7)111.421.2%94.594.594.594.5104.6-6.1%94.594.594.5104.60.0%94.5104.60.0%104.6104.6x

DIVIDENDS & RENT0.30.30.30.40.30.30.40.40.40.40.50.90.30.30.30.40.40.31.40.30.20.30.30.40.30.30.3620.3890.30.30.30.50.40.30.30.30.30.40.30.3-15.7%0.00.30.30.0%0.00.30.0%0.30.30.30.30.30.0%ERROR:#REF!0.30.30.0%0.30.30.0%0.30.3x

FINES31.533.936.240.444.346.649.350.991.998.0101.5101.2110.4119.1128.9127.3134.2152.8191.2206.7219.3187.0226.7220.4215.3204.9228.634222.289224.7215.9221.0226.2228.1213.7228.4223.3223.3221.2227.2207.2-6.3%(20.0)227.2217.24.8%(10.0)227.24.6%219.7220.2227.5239.4227.20.0%ERROR:#REF!227.5223.3-1.7%227.5223.30.0%223.3223.3x

OTHER REVENUE23.210.09.120.56.69.515.221.124.329.122.629.820.117.622.829.584.438.738.875.913.98.83.910.127.117.110.2938.73619.510.512.718.810.8(6.1)6.34.14.111.13.63.6-67.5%0.03.63.6-67.5%0.03.60.0%7.57.57.57.53.60.0%7.57.57.53.72.8%7.53.70.0%3.73.7xx

EXCESS FEES2.32.33.22.43.52.42.33.0(6.8)(11.3)(8.8)(7.6)(8.1)(10.0)(12.8)(10.9)(11.1)(18.6)(27.5)(34.9)(37.9)(41.6)(33.1)(24.4)(17.1)(10.5)(8.625)(8.670)(10.8)(7.1)(6.8)(7.4)(7.9)(7.7)(6.9)(7.5)(7.5)(8.6)(7.5)(7.5)-13.3%0.0(7.5)(7.5)0.0%0.0(7.5)0.0%(17.1)(6.5)(7.5)(7.5)(7.5)0.0%ERROR:#REF!(7.5)(7.5)0.0%(7.5)(7.5)0.0%(7.5)(7.5)x

DONATIONS0.00.00.0(0.0)0.04.50.00.00.00.0(0.0)0.10.00.00.00.0(0.0)0.00.00.00.00.00.00.00.10.10.0860.0220.00.00.00.00.00.00.00.00.00.00.00.0-100.0%0.00.00.0ERROR:#DIV/0!0.00.0ERROR:#DIV/0!0.00.00.00.00.0ERROR:#DIV/0!ERROR:#REF!0.00.0ERROR:#DIV/0!0.00.0ERROR:#DIV/0!0.00.0x

CITIES, COUNTIES1.01.01.11.11.21.31.31.41.31.31.411.513.510.810.19.48.89.19.19.09.410.010.310.110.39.89.6188.8627.98.37.77.47.47.37.67.67.66.27.67.622.7%0.07.67.60.0%0.07.60.0%9.69.69.69.67.60.0%9.69.69.67.60.0%9.67.60.0%7.67.6x

TOBACCO MASTER66.951.359.860.051.40.60.00.00.00.00.00.0000.0000.00.00.00.00.00.00.00.00.00.00.00.0ERROR:#DIV/0!0.00.00.0ERROR:#DIV/0!0.00.0ERROR:#DIV/0!0.00.00.00.00.0ERROR:#DIV/0!ERROR:#REF!0.00.0ERROR:#DIV/0!0.00.0ERROR:#DIV/0!0.00.0x

ABC PROFITS25.329.629.426.326.127.526.223.726.820.719.026.023.820.725.530.228.125.414.216.824.930.027.636.144.150.050.50363.80068.072.283.386.5110.5109.5130.7121.6124.8137.5125.1125.1-9.0%0.0128.7128.72.9%0.0125.1-2.8%37.041.449.349.3128.72.9%ERROR:#REF!49.3125.2-2.7%49.3125.20.0%125.2125.2

LOTTERY PROFITS156.5294.6290.8297.1303.3311.6331.6342.5318.9321.9324.3329.4367.2375.1407.8423.5454.0434.9458.20.00.00.0000.0000.00.00.00.00.00.00.00.00.00.00.00.0ERROR:#DIV/0!0.00.00.0ERROR:#DIV/0!0.00.0ERROR:#DIV/0!0.00.00.00.00.0ERROR:#DIV/0!ERROR:#REF!0.00.0ERROR:#DIV/0!0.00.0ERROR:#DIV/0!0.00.0

TRANSFERS24.418.140.640.346.412.1335.4339.780.184.7(38.2)111.321.749.049.183.125.1334.8653.4588.2291.1381.6357.8318.3362.4517.2361.626437.500356.6465.5550.6475.1542.8518.8527.3545.1576.9566.4530.7469.5-17.1%(61.2)537.5479.72.2%(57.8)530.710.6%346.9337.3347.3347.3537.51.3%ERROR:#REF!360.5556.33.5%373.8564.41.5%572.7581.3

0.25% Sales Tax .375Ft14147.6217.2225.2226.7213.4209.4204.026214.100221.4334.0352.4355.5365.9376.6392.6416.1421.6406.0426.9365.7-9.9%(61.2)433.7375.92.8%(57.8)426.913.6%266.5256.9266.9266.9433.71.6%ERROR:#REF!280.1441.31.8%293.4449.41.8%457.7466.3

All Other24.418.140.640.346.412.1335.4339.780.184.7(38.2)111.321.749.049.183.125.1334.8653.4588.2143.5164.4132.691.6149.0307.8157.600223.400135.2131.5198.2119.6176.9142.2134.7129.0155.3160.4103.8103.8-35.3%0.0103.8103.80.0%0.0103.8-0.0%80.480.480.480.4103.80.0%ERROR:#REF!80.4115.010.8%80.4115.00.0%115.0115.0

TOTAL GENERAL FUND3,840.54,179.54,660.45,121.05,551.45,691.06,128.16,277.46,537.66,912.17,173.67,825.18,337.39,161.510,099.211,226.111,487.911,406.411,909.812,930.714,426.815,700.016,386.116,579.514,721.614,786.715,452.316,347.96517,109.216,949.118,369.518,601.719,348.420,509.021,965.522,371.222,673.722,441.723,343.621,947.7-2.2%(1,395.9)24,204.522,793.93.9%(1,410.6)23,343.62.4%19,459.818,571.118,996.619,073.024,204.53.7%ERROR:#REF!19,885.725,198.64.1%20,794.626,134.03.7%27,245.528,092.8

FY87 RFP and 96 Harper and 97 Trigon0.00.086.10.03.50.070.90.00.00.0(78.3)174.80.00.00.00.00.00.00.00.00.00.00.00.00.0000.00.00.00.00.00.00.00.00.00.00.00.0ERROR:#DIV/0!0.00.00.0ERROR:#DIV/0!0.00.0ERROR:#DIV/0!0.00.00.00.00.0ERROR:#DIV/0!ERROR:#REF!0.00.0ERROR:#DIV/0!0.00.0ERROR:#DIV/0!0.00.0

TOTAL WITH RFP3,840.54,179.54,746.55,121.05,554.95,691.06,199.06,277.46,537.66,912.17,173.67,746.88,512.19,161.510,099.211,226.111,487.911,406.411,909.812,930.714,426.815,700.016,386.116,579.514,721.614,786.715,452.316,347.96517,109.216,949.118,369.518,601.719,348.420,509.021,965.522,371.222,673.722,441.723,343.621,947.7-2.2%(1,395.9)24,204.522,793.93.9%(1,410.6)23,343.62.4%19,459.818,571.118,996.619,073.024,204.53.7%ERROR:#REF!19,885.725,198.64.1%20,794.626,134.03.7%27,245.528,092.8

TOTAL GF REVENUE3,790.84,131.74,590.45,054.45,478.95,494.95,471.95,623.26,133.66,503.46,881.17,356.17,949.38,773.59,702.810,788.511,105.310,679.010,867.111,917.913,687.314,834.315,565.815,767.014,315.114,219.515,040.215,846.66516,684.61016,411.41517,735.618,040.118,695.07519,880.821,307.521,704.521,972.021,737.77722,687.821,353.1-1.8%(1,334.7)23,538.322,185.53.9%(1,352.8)22,687.82.3%19,075.918,192.418,600.018,676.423,538.33.7%ERROR:#REF!19,475.924,517.14.2%20,371.525,444.43.8%26,547.627,386.3

TOTAL GF REV - no TOBACCO MASTER10,721.511,054.010,619.210,807.111,866.513,686.714,834.315,565.815,767.014,315.114,219.515,040.215,846.66516,684.616,411.41517,735.618,040.118,695.119,880.821,307.521,704.521,972.021,737.822,687.821,353.1-1.8%(1,334.7)23,538.322,185.53.9%(1,352.8)22,687.82.3%19,075.918,192.418,600.018,676.423,538.33.7%ERROR:#REF!19,475.924,517.14.2%20,371.525,444.43.8%26,547.627,386.3

INTEREST & RENTS92.193.176.779.686.0102.037.842.848.553.865.083.1115.2106.2126.4131.5133.5100.783.161.784.197.1176.2189.7104.694.781.577.54567.874.449.052.656.061.787.3129.3129.3110.7111.780.3-27.5%(31.4)104.992.214.8%(12.7)111.721.1%94.894.894.894.8104.9-6.1%ERROR:#REF!94.8104.90.0%94.8104.90.0%104.9104.9

MISC TAX & PENALTIES32.134.638.141.444.443.543.651.789.596.897.397.7107.1117.8128.4124.8131.3139.9182.2221.9250.4202.1233.4222.0221.1208.0225.8223.364224.2222.3232.2240.3237.3229.2245.9236.8236.8230.4240.6220.6-4.2%(20.0)240.5230.54.5%(10.0)240.64.4%226.6224.8233.9242.0240.5-0.0%ERROR:#REF!233.9237.0-1.5%233.9237.00.0%237.0237.0

OTHER MISC REVENUES46.433.832.845.430.735.538.544.748.755.250.367.861.755.862.6133.3172.5137.4136.9167.855.740.230.136.551.639.834.432.79938.733.332.838.830.119.428.123.823.834.823.323.3-33.0%0.023.323.30.0%0.023.30.0%29.229.229.229.223.30.0%ERROR:#REF!29.223.40.4%29.223.40.0%23.423.4

TOTAL MAJOR3,335.03,685.94,134.14,562.05,041.25,020.55,081.25,204.45,677.75,974.46,355.16,785.97,309.38,139.28,976.39,993.710,298.79,938.010,073.911,064.812,884.814,061.414,684.114,851.413,601.913,529.314,352.015,169.22815,996.215,708.517,043.017,324.617,972.219,162.320,518.720,890.621,158.120,914.221,879.520,596.2-1.5%(1,283.3)22,727.821,397.73.9%(1,330.1)21,879.52.3%18,396.817,510.717,900.217,964.322,727.83.9%ERROR:#REF!18,776.123,710.04.3%19,671.724,637.33.9%25,740.526,579.2

TOTAL MISC455.9445.7456.4492.4437.7474.4390.6418.8456.0528.9526.0570.2640.0634.3726.4794.8806.6741.0793.3853.1802.5772.9881.7915.5713.2690.2688.2677.437688.4702.9692.7715.5722.9718.5788.8813.9813.9823.6808.3756.9-8.1%(51.4)810.5787.84.1%(22.7)808.32.6%679.1681.7699.8712.1810.50.3%ERROR:#REF!699.8807.1-0.4%699.8807.10.0%807.1807.1

TOTAL TRANSFERS49.747.770.066.672.5196.1656.2654.2404.0408.8292.5469.0387.9388.7396.5437.6382.6727.41,042.71,012.8739.5865.7820.3812.5406.5567.2412.1501.300424.6537.7633.9561.6653.3628.3658.0666.7701.7703.9655.8594.6-15.5%(61.2)666.2608.42.3%(57.8)655.87.8%383.9378.7396.6396.6666.21.6%ERROR:#REF!409.8681.52.3%423.1689.61.2%697.9706.5

16,949.1(1,468.4)

NWH/Total GF %0.10920.11340.12240.14020.14730.14870.15730.12800.11780.12090.14370.16120.16980.17260.15690.12900.14100.14420.16410.14900.16560.16500.15600.16930.18100.16400.16780.16950.17570.16720.17790.16600.17570.1779

NWH/Total RevenuesERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!0.15570.16350.13740.12980.13170.15150.17060.17870.18150.16140.13410.14490.14880.16830.15390.17150.17020.16150.17470.18660.16910.17310.17500.18080.17180.18300.17060.18080.18300.18720.19050.19790.1942

0.1571

0.1621

221.9226.9235.4245.2203.7254.4265.5273.9

315.0575.0635.0

93.1348.1399.6

Track

FY19FY20Biennium Total

Revenue SourceOngoingOne-TimeTotalOngoingOne-TimeTotalOngoingOne-TimeTotal

Chapter 2$ 20,173.7$ 20,173.7$ 20,976.2$ 20,976.2$ 41,149.9$ 41,149.9

GACRE November Standard$ 226.4$ 226.4$ 181.8$ 181.8$ 408.2$ 408.2

Post-GACRE revenue adjustments$ 70.0$ 70.0$ 70.0$ 70.0$ 140.0$ 140.0

Federal Tax Conformity$ 76.9$ 517.3$ 594.2$ 177.5$ 433.6$ 611.1$ 254.4$ 950.9$ 1,205.3

Wayfair internet sales tax$ 82.5$ 82.5$ 82.5$ 82.5

Refundable EITC$ (10.3)$ (10.3)$ (206.0)$ (206.0)$ (216.3)$ (216.3)

Accelerated Sales Tax - $10m$ (27.2)$ (27.2)$ (27.2)$ (27.2)

Miscellaneous$ (3.4)$ (3.4)$ 0.6$ 0.6$ 0.6$ (3.4)$ (2.8)

Total Revenues$ 20,547.0$ 503.6$ 21,050.6$ 21,488.6$ 200.4$ 21,689.0$ 42,035.6$ 704.0$ 42,739.6

FY19

Revenue SourceAmountChange

Chapter 2$ 20,173.7

GACRE November Standard$ 226.4

Post-GACRE revenue adjustments$ 70.0

Miscellaneous$ (3.4)

Individual Impact of Business Conformity$ (101.8)

Corporate Impact of Business Conformity$ 163.9

Accelerated Sales Tax - $10m

Miscellaneous

Total Revenues$ 20,528.8$ 355.1

FY20

Revenue SourceAmountChange

Chapter 2$ 20,976.2

GACRE November Standard$ 181.8

Post-GACRE revenue adjustments$ 70.0

Miscellaneous$ 0.6

Individual Impact of Business Conformity$ 12.3

Corporate Impact of Business Conformity$ 154.9

Individual Impact of Pease Limitations$ 107.5

Wayfair internet sales tax$ 82.5

Accelerated Sales Tax - $10m$ (27.2)

Miscellaneous$ (1.9)

Total Revenues$ 21,556.7$ 580.5

Sheet1

TCJA FY Cash Flow FY 2019

(Millions)Jul-Sep 18Oct-Dec 18Jan-Mar 19Apr-Jun 19

Q1Q2Q3Q4TotalCONTROLDifference

Individual

Withholding0.00.00.00.00.00.00.0

Estimated Payments30.050.060.060.0200.0200.00.0

Final Payments0.00.0150.0150.0300.0300.00.0

Refunds0.00.00.032.132.132.10.0

Net30.050.0210.0242.1532.1532.10.0

-430.3-76.9

-163.9-517.3

Jul-Sep 18Oct-Dec 18Jan-Mar 19Apr-Jun 19-101.8

Q1Q2Q3Q4TotalCONTROLDifference163.962.0

Corporate (Includes International)

Estimated & Final Payments0.00.025.025.050.050.00.0-532.1-532.2

Refunds0.00.00.012.012.012.00.0

0.00.025.037.062.062.00.0

TCJA FY Cash Flow FY 2020

(Millions)Jul-Sep 18Oct-Dec 18Jan-Mar 19Apr-Jun 19


Individual

Withholding0.00.00.00.00.00.00.0

Estimated Payments50.050.050.050.0200.0200.00.0

Final Payments0.00.0100.0100.0200.0200.00.0

Refunds0.00.00.011.711.743.8-32.1

Net50.050.0150.0161.7411.7443.8-32.1

Jul-Sep 18Oct-Dec 18Jan-Mar 19Apr-Jun 19


Corporate (Includes International)

Estimated & Final Payments40.040.040.040.0160.0160.00.0

Refunds0.00.00.07.37.37.30.0

40.040.040.047.3167.3167.30.0

4

16.0%7.3% 8.2% 8.5%

8.5% 8.3% 8.4% 6.2%

6.6%1.4% -1.2%

2.0%

-32%-28%-24%-20%-16%-12%-8%-4%0%4%8%

12%16%20%24%28%32%

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun

Growth in Total General Fund Revenue CollectionsFY20 Monthly and Year-to-Date

Monthly Year-to-Date

• Total general fund revenues increased 26.8 percent in June.♦ This was expected as the May 1 due date for individual and corporate income tax payments was

deferred to June 1.

• On a year-to-date basis, total revenues increased 2.0 percent, behind the annual forecast of a 3.1 percent increase.

Forecast: 3.1%

Monthly Growth: 16.0% 0.3% 9.3% 9.6% 8.4% 7.6% 8.7% -12.4% 10.8% -26.2% -20.6% 26.8%

5

19.3%

7.0% 5.8% 5.7% 5.1% 5.8% 5.7% 5.5% 4.8% 4.7%3.1%

3.0%

-16%-14%-12%-10%-8%-6%-4%-2%0%2%4%6%8%

10%12%14%16%18%20%22%

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun

Growth in Withholding Tax CollectionsFY20 Monthly and Year-to-Date

Monthly Year-to-Date

• Collections increased 2.3 percent in June.

• Year-to-date, withholding collections have increased 3.0 percent compared with the same period last year, behind the projected annual growth of 4.7 percent.

Monthly Growth: 19.3% -3.2% 3.4% 5.5% 2.5% 9.2% 5.2% 3.7% -0.4% 4.2% -13.0% 2.3%

Forecast: 4.7%

6

Note: Companies making payments in excess of $100,000.

Withholding Tax CollectionsApril – June

Fiscal Years 2018 - 2020millions of dollars

Slowdown in Withholding Was Broad-based andIncluded a Large Decline in the Final Quarter

# of FirmsIndustry (% of Total $ Amount) in FY16 FY18 FY19 FY20 FY18 FY19 FY20Public Sector (18%) 100 $532.0 $565.9 $574.6 5.6% 6.4% 1.5%Education and Health Services (8%) 300 $257.2 $271.1 $263.4 4.8% 5.4% -2.8%Federal Contractors (3%) 244 $118.7 $119.0 $112.7 6.7% 0.2% -5.3%Professional and Business Services (3%) 719 $85.2 $109.4 $109.3 -1.3% 28.4% -0.1%Finance (3%) 170 $86.7 $95.1 $105.3 5.4% 9.7% 10.7%Investment (2%) 224 $64.4 $71.5 $68.5 14.2% 11.0% -4.2%Manufacturing (1%) 232 $44.0 $44.3 $41.7 20.2% 0.6% -5.8%Transportation (1%) 59 $33.8 $31.5 $31.2 4.5% -6.7% -1.1%Housing (1%) 188 $26.7 $30.3 $26.9 3.0% 13.3% -11.4%Other (4%) 681 $123.8 $132.4 $130.5 7.4% 7.0% -1.5%

Total Large Payers (45%) 2,917 $1,372.6 $1,470.5 $1,464.0 5.9% 7.1% -0.4%Total Small Payers (55%) 221,588 $1,811.9 $1,855.9 $1,791.9 11.5% 2.4% -3.4%Total All 224,505 $3,184.5 $3,326.4 $3,255.9 9.0% 4.5% -2.1%

Millions of Dollars Percent Change

PPSlides

1st QT

# of FirmsMillions of DollarsPercent Change

Industry (% of Total $ Amount)in FY16FY18FY19FY20FY18FY19FY20

Public Sector (19%)100$561.3$579.2$592.35.5%3.2%2.3%Public Sector 10019%

Education and Health Services (8%)300$234.4$253.6$261.25.7%8.2%3.0%Education and Health Services3008%

Federal Contractors (3%)244$103.6$113.8$105.9-5.2%9.9%-7.0%Federal Contractors2443%

Finance (3%)170$81.7$89.4$92.86.3%9.5%3.8%Finance1703%

Professional and Business Services (3%)719$90.9$93.6$91.617.0%2.9%-2.1%Professional and Business Services7193%

Investment (2%)224$57.1$67.1$70.43.7%17.5%4.9%Investment2242%

Manufacturing (1%)232$37.6$41.6$41.58.2%10.8%-0.3%Manufacturing2321%

Transportation (1%)59$32.5$34.6$33.13.1%6.4%-4.3%Transportation591%

Housing (1%)188$28.8$25.8$30.432.0%-10.3%17.9%Housing1881%

Other (4%)681$116.2$130.3$123.93.4%12.1%-4.9%Other6814%

Total Large Payers (47%)2,917$1,344.1$1,428.9$1,443.25.6%6.3%1.0%Total Large Payers 2,91747%

Total Small Payers (53%)221,588$1,544.0$1,492.0$1,648.22.7%-3.4%10.5%Total Small Payers 221,58853%

Total All224,505$2,888.1$2,920.9$3,091.44.0%1.1%5.8%Total All224,505100%

2nd QT


Industry (% of Total $ Amount)in FY16FY16FY17FY18FY17FY18Public Sector 1000.1716850698

Public Sector (17%)100$494.0$507.4$519.72.7%2.4%Education and Health Services3000.0882699133

Education and Health Services (9%)300$236.2$250.3$267.26.0%6.7%Federal Contractors2440.0347074824

Federal Contractors (4%)244$110.5$108.3$105.1-2.0%-3.0%Professional and Business Services7190.0337403287

Professional and Business Services (3%)719$93.8$99.9$102.16.5%2.2%Finance1700.0321231549

Finance (3%)170$80.0$87.3$97.29.1%11.4%Investment2240.0271126328

Investment (3%)224$67.7$75.4$82.111.3%8.8%Manufacturing2320.0135153921

Manufacturing (1%)232$40.2$36.4$40.9-9.5%12.4%Transportation590.0117657438

Transportation (1%)59$31.2$32.9$35.65.5%8.3%Housing1880.0094306405

Housing (1%)188$24.4$24.3$28.5-0.2%17.4%Other6810.0440838701

Other (4%)681$121.5$126.9$133.44.4%5.2%

Total Large Payers 29170.4664342285

Total Large Payers (47%)2,917$1,299.4$1,349.1$1,411.83.8%4.7%Total Small Payers 2215880.5335657715

Total Small Payers (53%)221,588$1,529.8$1,617.3$1,615.05.7%-0.1%Total All2245051

Total All224,505$2,829.2$2,966.4$3,026.84.8%2.0%

Through 2nd QT



Public Sector (18%)100$1,080.9$1,138.0$1,204.44.0%5.3%5.8%Public Sector 1000.1841414092

Education and Health Services (9%)300$501.6$538.2$557.26.3%7.3%3.5%Education and Health Services3000.0870917515

Federal Contractors (4%)244$208.6$227.3$231.0-4.1%8.9%1.6%Federal Contractors2440.0367864414

Professional and Business Services (3%)719$193.1$206.3$219.98.7%6.9%6.6%Professional and Business Services7190.0333821158

Finance (3%)170$178.9$187.3$203.19.0%4.7%8.4%Finance1700.030308344

Investment (3%)224$139.2$162.5$180.16.7%16.8%10.8%Investment2240.0262864605

Manufacturing (1%)232$78.5$88.3$86.110.3%12.5%-2.5%Manufacturing2320.0142870985

Transportation (1%)59$68.1$70.7$66.15.7%3.8%-6.5%Transportation590.0114377805

Housing (1%)188$57.3$54.4$61.624.3%-5.1%13.3%Housing1880.0088029573

Other (4%)681$212.6$271.3$228.54.2%27.6%-15.8%Other6810.0438929043

Total Large Payers (48%)2,917$2,718.8$2,944.3$3,038.15.1%8.3%3.2%0.4659203239

Total Small Payers (52%)221,588$3,196.1$3,235.9$3,513.11.3%1.2%8.6%0.5340796761

Total All224,505$5,914.9$6,180.2$6,551.23.0%4.5%6.0%1

3rd QT


Industry (% of Total $ Amount)in FY16FY16FY17FY18FY17FY18

Public Sector (16%)100$525.4$552.3$565.25.1%2.3%Public Sector 2240.1642622135

Education and Health Services (7%)300$227.7$248.7$253.19.2%1.8%Education and Health Services2320.07356225

Federal Contractors (4%)244$144.0$138.6$151.0-3.7%8.9%Federal Contractors590.0438742365

Finance (4%)170$121.2$133.3$147.310.0%10.5%Finance1220.0428027126

Professional and Business Services (4%)719$114.6$126.9$124.810.7%-1.6%Professional and Business Services1880.0362775439

Investment (3%)224$70.2$83.8$93.519.5%11.6%Investment600.0271765335

Manufacturing (2%)232$56.3$56.3$59.9-0.1%6.5%Manufacturing750.01740879

Transportation (1%)59$35.6$40.3$42.313.3%5.0%Transportation590.0122894692

Housing (1%)188$32.5$34.6$38.36.5%10.7%Housing40.0111348275

Other (5%)681$144.2$149.6$155.43.8%3.8%Other2440.0451605064

Total Large Payers (47%)2,917$1,471.7$1,564.4$1,630.96.3%4.3%Total Large Payers 12670.473949083

Total Small Payers (53%)221,588$1,557.4$1,666.9$1,810.27.0%8.6%Total Small Payers 2232380.526050917

Total All224,505$3,029.1$3,231.3$3,441.16.7%6.5%Total All2245051

Through 3rd QT



Public Sector (18%)100$1,646.4$1,706.3$1,772.53.4%3.6%3.9%PUB110018%

Education and Health Services (8%)300$754.7$797.9$836.04.7%5.7%4.8%EHS13008%

Federal Contractors (4%)244$359.6$382.4$381.91.0%6.3%-0.1%FED12444%

Finance (4%)170$317.9$350.7$370.49.7%10.3%5.6%FIN11704%

Professional and Business Services (4%)719$326.2$341.5$367.84.4%4.7%7.7%PBS17194%

Investment (3%)224$232.7$261.0$296.28.6%12.2%13.5%INV12243%

Manufacturing (1%)232$138.4$145.3$142.98.6%5.0%-1.7%MAN12321%

Transportation (1%)59$110.4$113.6$107.25.4%2.9%-5.6%TRN1591%

Housing (1%)188$95.6$96.7$104.918.5%1.1%8.5%HOU11881%

Other (4%)122$405.2$447.9$440.14.2%10.5%-1.7%WTR11224%

Total Large Payers (48%)2,917$4,387.2$4,643.2$4,819.74.8%5.8%3.8%Total Large Payers 13190.480584279748%

Total Small Payers (52%)221,588$4,968.8$5,018.3$5,302.43.8%1.0%5.7%Total Small Payers 2231860.519415720352%

Total All224,505$9,356.0$9,661.5$10,122.24.2%3.3%4.8%Total All2245051100%

Through 4th QT

# of FirmsMillions of DollarsPercent Change# of FirmsMillions of DollarsPercent Change

Industry (% of Total $ Amount)in FY16FY18FY19FY20FY18FY19FY20Industry (% of Total $ Amount)in FY16FY17FY18FY16FY17FY18

Public Sector (18%)100$2,178.4$2,273.4$2,347.14.0%4.4%3.2%PUB10018%Public Sector (17%)100$2,095.5$2,178.42.9%3.0%4.0%

Education and Health Services (8%)300$1,011.8$1,069.0$1,099.54.8%5.6%2.9%EHS3008%Education and Health Services (8%)300$965.9$1,011.86.1%7.5%4.8%

Federal Contractors (4%)244$478.3$501.3$494.52.4%4.8%-1.4%FED2444%Federal Contractors (4%)244$467.3$478.3-1.9%-2.0%2.4%

Professional and Business Services (4%)719$403.1$460.1$477.13.1%14.1%3.7%PBS7194%Finance (3%)170$379.7$412.96.7%6.3%8.7%

Finance (4%)170$412.9$436.6$475.78.7%5.7%9.0%FIN1704%Professional and Business Services (3%)719$390.9$403.15.9%5.5%3.1%

Investment (3%)224$297.1$332.5$364.69.8%11.9%9.7%INV2243%Investment (2%)224$270.6$297.17.1%9.7%9.8%

Manufacturing (1%)232$182.4$189.6$184.611.2%3.9%-2.6%MAN2321%Manufacturing (1%)232$164.1$182.40.5%-6.7%11.2%

Transportation (1%)59$144.2$145.1$138.45.2%0.6%-4.6%TRN591%Transportation (1%)59$137.1$144.22.5%7.0%5.2%

Housing (1%)188$122.4$127.0$131.714.7%3.8%3.7%HOU1881%Housing (1%)188$106.7$122.414.7%2.4%14.7%

Other (4%)122$529.0$580.3$570.54.9%9.7%-1.7%WTR1224%Other (4%)681$504.3$529.0-9.4%2.6%4.9%

Total Large Payers (47%)2,917$5,759.8$6,114.8$6,283.75.1%6.2%2.8%Total Large Payers 291747%Total Large Payers (46%)2,917$5,482.0$5,759.82.5%3.7%5.1%

Total Small Payers (53%)221,588$6,780.8$6,873.0$7,094.35.7%1.4%3.2%Total Small Payers 22158853%Total Small Payers (54%)221,588$6,413.4$6,780.72.3%6.5%5.7%

Total All224,505$12,540.5$12,987.9$13,378.15.4%3.6%3.0%Total All224,505$11,895.4$12,540.52.4%5.2%5.4%

4th QT



Public Sector (18%)100$532.0$565.9$574.65.6%6.4%1.5%Public Sector 10018%

Education and Health Services (8%)300$257.2$271.1$263.44.8%5.4%-2.8%Education and Health Services3008%

Federal Contractors (3%)244$118.7$119.0$112.76.7%0.2%-5.3%Federal Contractors2443%

Professional and Business Services (3%)719$85.2$109.4$109.3-1.3%28.4%-0.1%Professional and Business Services7193%

Finance (3%)170$86.7$95.1$105.35.4%9.7%10.7%Finance1703%

Investment (2%)224$64.4$71.5$68.514.2%11.0%-4.2%Investment2242%

Manufacturing (1%)232$44.0$44.3$41.720.2%0.6%-5.8%Manufacturing2321%

Transportation (1%)59$33.8$31.5$31.24.5%-6.7%-1.1%Transportation591%

Housing (1%)188$26.7$30.3$26.93.0%13.3%-11.4%Housing1881%

Other (4%)681$123.8$132.4$130.57.4%7.0%-1.5%Other6814%

Total Large Payers (45%)2,917$1,372.6$1,470.5$1,464.05.9%7.1%-0.4%Total Large Payers 2,91745%

Total Small Payers (55%)221,588$1,811.9$1,855.9$1,791.911.5%2.4%-3.4%Total Small Payers 221,58855%

Total All224,505$3,184.5$3,326.4$3,255.99.0%4.5%-2.1%

Comparison

Amount of Payments (1st Quarter) Growth (1st Quarter)

Sector# of Firms in FY16% of total amountFY16FY17FY18FY19FY20FY17FY18FY19FY20

Public Sector 10019%$514.7$532.0$561.3$579.2$592.3PUB3.4%5.5%3.2%2.3%PUB1100

Education and Health Services3008%$208.1$221.6$234.4$253.6$261.2EHS6.5%5.7%8.2%3.0%EHS1300

Federal Contractors2443%$112.0$109.2$103.6$113.8$105.9FED-2.4%-5.2%9.9%-7.0%FED1244

Finance1703%$78.1$76.9$81.7$89.4$92.8FIN-1.6%6.3%9.5%3.8%FIN1170

Professional and Business Services7193%$81.1$77.7$90.9$93.6$91.6PBS-4.1%17.0%2.9%-2.1%PBS1719

Investment2242%$53.1$55.0$57.1$67.1$70.4INV3.6%3.7%17.5%4.9%INV1224

Manufacturing2321%$41.0$34.8$37.6$41.6$41.5MAN-15.1%8.2%10.8%-0.3%MAN1232

Transportation591%$29.7$31.5$32.5$34.6$33.1TRN6.2%3.1%6.4%-4.3%TRN159

Housing1881%$23.2$21.8$28.8$25.8$30.4HOU-6.2%32.0%-10.3%17.9%HOU1188

Other6814%$115.2$112.4$116.2$130.3$123.9-2.4%3.4%12.1%-4.9%WTR1122

WAL14

Total Large Payers 2,91747%$1,256.0$1,273.0$1,344.1$1,428.9$1,443.21.4%5.6%6.3%1.0%

Total Small Payers 221,58853%$1,410.5$1,504.0$1,544.0$1,492.0$1,648.26.6%2.7%-3.4%10.5%

Total All224,505100%$2,666.5$2,777.0$2,888.1$2,920.9$3,091.44.1%4.0%1.1%5.8%

Amount of Payments (2nd Quarter) Growth (2nd Quarter)

Sector# of Firms in FY15% of total amountFY16FY17FY18FY19FY17FY18FY19

Public Sector 10017%$494.0$507.4$519.7$380.0PUB100PUB2.7%2.4%-26.9%

Education and Health Services3009%$236.2$250.3$267.2$185.2EHS300EHS6.0%6.7%-30.7%

Federal Contractors7193%$93.8$99.9$102.1$68.4FED244FED6.5%2.2%-33.1%

Professional and Business Services2443%$110.5$108.3$105.1$74.7PBS719PBS-2.0%-3.0%-28.9%

Finance1703%$80.0$87.3$97.2$63.3FIN170FIN9.1%11.4%-34.9%

Investment2243%$67.7$75.4$82.1$52.9INV224INV11.3%8.8%-35.6%

Manufacturing2321%$40.2$36.4$40.9$31.6MAN232MAN-9.5%12.4%-22.7%

Transportation591%$31.2$32.9$35.6$23.1TRN59TRN5.5%8.3%-35.1%

Housing1881%$24.4$24.3$28.5$20.6HOU188HOU-0.2%17.4%-27.7%

Other6814%$141.0$144.9$133.4$89.6WTR2.8%-7.9%-32.8%

Total Large Payers 2,91747%$1,318.9$1,367.1$1,411.8$989.53.6%3.3%-29.9%

Total Small Payers 221,58853%$1,510.3$1,599.3$1,615.0$2,037.35.9%1.0%26.1%

Total All224,505100%$2,829.2$2,966.4$3,026.8$3,026.84.8%2.0%0.0%

Amount of Payments (through 2nd qt)


Public Sector 10018%$1,008.6$1,039.4$1,080.9$1,138.0$1,204.4PUB3.0%4.0%5.3%5.8%

Education and Health Services3009%$444.3$471.9$501.6$538.2$557.2EHS6.2%6.3%7.3%3.5%

Federal Contractors2444%$222.4$217.5$208.6$227.3$231.0FED-2.2%-4.1%8.9%1.6%

Professional and Business Services7193%$174.9$177.6$193.1$206.3$219.9PBS1.6%8.7%6.9%6.6%

Finance1703%$158.1$164.2$178.9$187.3$203.1FIN3.8%9.0%4.7%8.4%

Investment2243%$120.8$130.4$139.2$162.5$180.1INV8.0%6.7%16.8%10.8%

Manufacturing2321%$81.2$71.1$78.5$88.3$86.1MAN-12.3%10.3%12.5%-2.5%

Transportation591%$60.9$64.4$68.1$70.7$66.1TRN5.8%5.7%3.8%-6.5%

Housing1881%$47.6$46.1$57.3$54.4$61.6HOU-3.2%24.3%-5.1%13.3%

Other5683%$201.0$204.0$212.6$271.3$228.51.5%4.2%27.6%-15.8%

0%


Total Small Payers 221,70154%$2,976.0$3,156.6$3,196.1$3,235.9$3,513.16.1%1.3%1.2%8.6%

Total All224,505100%$5,495.8$5,743.4$5,914.9$6,180.2$6,551.24.5%3.0%4.5%6.0%

Amount of Payments (3rd Quarter) Growth (3rd Quarter)

Sector# of Firms in FY15% of total amountFY16FY17FY18FY17FY18

Public Sector 22416%$525.4$552.3$565.5PUB5.1%2.4%

Education and Health Services2327%$227.7$248.7$253.1EHS9.2%1.8%

Federal Contractors594%$144.0$138.6$151.0FED-3.7%8.9%

Finance1224%$121.2$133.3$147.3FIN10.0%10.5%

Professional and Business Services1884%$114.6$126.9$124.8PBS10.7%-1.6%

Investment753%$70.2$83.8$93.5INV19.5%11.6%

Manufacturing602%$56.3$56.3$59.9MAN-0.1%6.5%

Transportation591%$35.6$40.3$42.3TRN13.3%5.0%

Housing751%$32.5$34.6$38.3HOU6.5%10.7%

Other2445%$144.2$149.6$155.63.8%4.0%

Total Large Payers 1,33847%$1,471.7$1,564.4$1,631.36.3%4.3%

Total Small Payers 223,16753%$1,557.4$1,666.9$1,809.87.0%8.6%

Total All224,505100%$3,029.1$3,231.3$3,441.16.7%6.5%

Amount of Payments (through 3rd qt)



Education and Health Services3008%$672.0$720.6$754.7$797.9$836.0EHS13007.2%4.7%5.7%4.8%

Federal Contractors2444%$366.4$356.1$359.6$382.3$381.9FED1244-2.8%1.0%6.3%-0.1%

Finance1704%$279.3$297.4$326.2$341.5$370.4FIN11706.5%9.7%4.7%8.5%


Investment2243%$191.0$214.3$232.7$261.0$296.2INV122412.2%8.6%12.2%13.5%

Manufacturing2321%$137.5$127.4$138.4$145.3$142.9MAN1232-7.3%8.6%5.0%-1.7%


Housing1881%$80.1$80.7$95.6$96.7$104.9HOU11880.7%18.5%1.1%8.5%

Other6814%$380.9$389.0$405.2$447.9$440.1WTR11222.1%4.2%10.5%-1.7%



Total All224,505100%$8,524.9$8,974.7$9,356.0$9,661.5$10,122.25.3%4.2%3.3%4.8%

Amount of Payments (through 4th qt)



Education and Health Services3008%$898.8$965.9$1,011.8$1,069.0$1,099.5EHS13007.5%4.8%5.6%2.9%

Federal Contractors2444%$476.9$467.3$478.3$501.3$494.5FED1244-2.0%2.4%4.8%-1.4%


Finance1704%$357.2$379.7$412.9$436.6$475.7FIN11706.3%8.7%5.7%9.0%

Investment2243%$246.7$270.6$297.1$332.5$364.6INV12249.7%9.8%11.9%9.7%



Housing1881%$104.2$106.7$122.4$127.0$131.7HOU11882.4%14.7%3.8%3.7%

Other6814%$491.4$504.3$529.0$580.3$570.5WTR11222.6%4.9%9.7%-1.7%



Total All224,505$11,306.3$11,895.4$12,540.5$12,987.9$13,378.15.2%5.4%3.6%3.0%

4th QTR

Sector# of Firms in FY16% of total amountFY16FY17FY18FY19FY20INDUSTRY_TYPE__FREQ_FY17FY18FY19FY20

Public Sector 10018%$501.3$503.7$532.0$565.9$574.6PUB11000.5%5.6%6.4%1.5%

Education and Health Services3008%$226.8$245.3$257.2$271.1$263.4EHS13008.1%4.8%5.4%-2.8%

Federal Contractors2443%$110.5$111.2$118.7$119.0$112.7FED12440.7%6.7%0.2%-5.3%

Professional and Business Services7193%$81.2$86.3$85.2$109.4$109.3PBS17196.4%-1.3%28.4%-0.1%

Finance1703%$77.9$82.3$86.7$95.1$105.3FIN11705.6%5.4%9.7%10.7%

Investment2242%$55.8$56.4$64.4$71.5$68.5INV12241.1%14.2%11.0%-4.2%


Transportation591%$31.6$32.3$33.8$31.5$31.2TRN1592.3%4.5%-6.7%-1.1%

Housing1881%$24.1$26.0$26.7$30.3$26.9HOU11887.8%3.0%13.3%-11.4%

Other6814%$110.5$115.3$123.8$132.4$130.5RTR1594.3%7.4%7.0%-1.5%

Total Large Payers 2,91745%$1,258.0$1,295.5$1,372.6$1,470.5$1,464.03.0%5.9%7.1%-0.4%

Total Small Payers 221,58855%$1,523.4$1,625.2$1,811.9$1,855.9$1,791.96.7%11.5%2.4%-3.4%

Total All224,505$2,781.5$2,920.7$3,184.5$3,326.4$3,255.95.0%9.0%4.5%-2.1%

20142,617,54010,484,214

20152,794,67211,044,333

20162,781,46011,306,317

20172,920,67811,895,374

20183,184,53412,540,508

20193,326,37912,987,858

20203,255,91113,378,064

Summary

1st Quarter

INDUSTRY_TYPE__FREQ_FY16FY17FY18FY19FY20INDUSTRY_TYPE__FREQ_FY16FY17FY18FY19FY20

AGR18- 0- 0- 0- 0- 0PUB1100514,665,837532,014,569561,281,245579,186,281592,324,160

APP1132,220,0431,448,9212,105,4212,395,2222,432,568EHS1300208,095,398221,648,223234,375,206253,554,816261,239,502

CON11277,545,7516,844,6178,856,7889,092,8299,793,327FED1244111,953,029109,238,073103,575,774113,811,603105,860,647

EHS1300208,095,398221,648,223234,375,206253,554,816264,060,753FIN117078,083,83876,855,67881,693,30989,421,17892,787,373

ENE16015,167,14314,550,37212,547,56414,781,91314,698,394PBS171981,086,61677,735,95590,940,48693,593,53991,610,963

FED1244111,953,029109,238,073103,575,774113,811,603109,510,254INV122453,102,25555,039,43557,088,91967,059,22670,353,273

FIN117078,083,83876,855,67881,693,30989,421,17893,476,492MAN123240,950,35434,753,34737,592,84941,639,75741,525,046

GAS13310,335116,732113,115123,198144,906TRN15929,703,62831,545,72132,517,75534,600,74233,118,936

GRO1135,718,9587,098,5228,002,0469,230,2606,845,718HOU118823,221,52521,776,52028,754,25725,779,92630,397,499

HOU118823,221,52521,776,52028,754,25725,779,92630,739,825WTR112220,230,90319,421,27019,490,26021,682,50121,999,257

INF17511,551,10712,658,42711,001,71513,526,39412,107,461WAL1413,202,32714,120,22414,476,83214,909,62014,842,650

INV122453,102,25555,039,43557,088,91967,059,22672,122,891ENE16015,167,14314,550,37212,547,56414,781,91314,698,394

LHS1285,737,6975,395,2047,160,7929,492,2118,870,049TEL17515,261,27714,672,15613,626,31612,845,40213,155,806

MAN123240,950,35434,753,34737,592,84941,639,75742,298,467RTR15912,247,74811,136,11612,165,50414,104,18812,624,264

MIN17543,572338,457323,869138,514415,244INF17511,551,10712,658,42711,001,71513,526,39410,517,175

OTS1391,280,6481,299,6702,286,1572,140,8662,732,573CON11277,545,7516,844,6178,856,7889,092,8299,793,327

PBS171981,086,61677,735,95590,940,48693,593,53995,945,235LHS1285,737,6975,395,2047,160,7929,492,2118,452,608

PUB1100514,665,837532,014,569561,281,245579,186,281592,804,228GRO1135,718,9587,098,5228,002,0469,230,2605,406,484

RES119219,621780,0041,324,2933,139,3503,292,155RES119219,621780,0041,324,2933,139,3503,292,155

RNL18378,529415,819489,934512,696563,555TOB1123,549,4422,132,3572,278,5942,157,6343,091,009

RTR15912,247,74811,136,11612,165,50414,104,18813,288,445OTS1391,280,6481,299,6702,286,1572,140,8662,520,027

TEL17515,261,27714,672,15613,626,31612,845,40213,155,806APP1132,220,0431,448,9212,105,4212,395,2222,432,568

TOB1123,549,4422,132,3572,278,5942,157,6343,091,009RNL18378,529415,819489,934512,696563,555

TRN15929,703,62831,545,72132,517,75534,600,74233,118,936MIN17543,572338,457323,869138,514415,244

UND19- 0- 0- 0- 0- 0GAS13310,335116,732113,115123,198144,906

WAL1413,202,32714,120,22414,476,83214,909,62014,842,650AGR18- 0- 0- 0- 0- 0

WTR112220,230,90319,421,27019,490,26021,682,50121,999,257UND19- 0- 0- 0- 0- 0

other681115,165,102112,428,867116,249,201130,272,796123,949,430

Through 2nd Qt


AGR18340,000459,000520,000- 0165,000PUB11001,008,636,5111,039,395,9481,080,937,614959,212,8761,204,399,733

APP1134,556,0183,825,3764,543,7214,199,7875,112,925EHS1300444,272,027471,939,306501,550,580438,775,790557,222,738

CON112717,358,14518,345,64522,219,28015,568,32223,788,646FED1244222,448,395217,511,038208,628,381188,553,373231,012,987

EHS1300444,272,027471,939,306501,550,580438,775,790557,222,738PBS1719174,860,147177,635,859193,065,713161,949,134219,947,087

ENE16031,876,20930,690,76729,334,64024,293,51129,212,984FIN1170158,100,900164,168,408178,923,674152,681,194203,094,965

FED1244222,448,395217,511,038208,628,381188,553,373231,012,987INV1224120,823,577130,441,872139,153,436119,946,987180,120,842

FIN1170158,100,900164,168,408178,923,674152,681,194203,094,965MAN123281,152,45971,140,47078,501,23873,257,39586,094,106

GAS13310,335220,593229,815240,363406,429TRN15960,879,94464,440,46368,130,30857,722,56366,111,902

GRO11313,494,31314,766,06415,727,69916,205,59316,551,990HOU118847,603,24046,098,02957,298,92046,420,67161,641,986

HOU118847,603,24046,098,02957,298,92046,420,67161,641,986RTR15928,149,88828,064,70332,103,01426,989,27732,051,550

INF17522,253,39224,993,46122,526,76822,673,06329,687,626INF17522,253,39224,993,46122,526,76822,673,06329,687,626

INV1224120,823,577130,441,872139,153,436119,946,987180,120,842WAL1425,857,93327,786,88028,304,86224,618,65129,338,049

LHS12814,329,93614,067,71515,382,94315,562,03817,594,402ENE16031,876,20930,690,76729,334,64024,293,51129,212,984

MAN123281,152,45971,140,47078,501,23873,257,39586,094,106TEL17529,338,77727,806,64126,769,60521,593,80424,493,780

MIN171,463,4811,341,3491,017,939138,514954,338CON112717,358,14518,345,64522,219,28015,568,32223,788,646

OTS1393,782,2374,119,6614,811,2724,779,7075,803,007LHS12814,329,93614,067,71515,382,94315,562,03817,594,402

PBS1719174,860,147177,635,859193,065,713161,949,134219,947,087GRO11313,494,31314,766,06415,727,69916,205,59316,551,990

PUB11001,008,636,5111,039,395,9481,080,937,614959,212,8761,204,399,733RES1191,391,0012,442,2023,596,1605,903,5906,719,890

RES1191,391,0012,442,2023,596,1605,903,5906,719,890TOB1125,905,7794,455,6154,662,1273,850,5135,825,956

RNL18593,742643,653810,676629,064784,524OTS1393,782,2374,119,6614,811,2724,779,7075,803,007

RTR15928,149,88828,064,70332,103,01426,989,27732,051,550APP1134,556,0183,825,3764,543,7214,199,7875,112,925

TEL17529,338,77727,806,64126,769,60521,593,80424,493,780MIN171,463,4811,341,3491,017,939138,514954,338

TOB1125,905,7794,455,6154,662,1273,850,5135,825,956RNL18593,742643,653810,676629,064784,524

TRN15960,879,94464,440,46368,130,30857,722,56366,111,902GAS13310,335220,593229,815240,363406,429

UND19- 0- 0- 0- 0- 0AGR18340,000459,000520,000- 0165,000

WAL1425,857,93327,786,88028,304,86224,618,65129,338,049UND19- 0- 0- 0- 0- 0

WTR112235,661,90735,290,57237,121,73832,674,73939,733,738UND19- 0- 0- 0- 0

568201,001,188204,029,325212,560,521187,245,796228,491,097

2nd Qt


AGR18340,000459,000520,000- 0165,000PUB1100493,970,674507,381,379519,656,369380,026,595611,595,504

APP1132,335,9752,376,4562,438,3001,804,5662,680,358EHS1300236,176,629250,291,083267,175,373185,220,975293,161,985

CON11279,812,39411,501,02813,362,4936,475,49313,995,319PBS171993,773,53199,899,904102,125,22768,355,595124,001,852

EHS1300236,176,629250,291,083267,175,373185,220,975293,161,985FED1244110,495,366108,272,965105,052,60874,741,770121,502,732

ENE16016,709,06616,140,39516,787,0759,511,59814,514,589FIN117080,017,06287,312,73097,230,36563,260,016109,618,473

FED1244110,495,366108,272,965105,052,60874,741,770121,502,732INV122467,721,32275,402,43782,064,51752,887,761107,997,951

FIN117080,017,06287,312,73097,230,36563,260,016109,618,473MAN123240,202,10536,387,12440,908,38931,617,63843,795,639

GAS13- 0103,861116,700117,165261,523TRN15931,176,31632,894,74235,612,55323,121,82132,992,966

GRO1137,775,3557,667,5417,725,6536,975,3339,706,272HOU118824,381,71524,321,50928,544,66320,640,74630,902,161

HOU118824,381,71524,321,50928,544,66320,640,74630,902,161RTR15915,902,14016,928,58719,937,51012,885,08918,763,105

INF17510,702,28512,335,03411,525,0539,146,66917,580,165WTR112234,963,86433,898,16117,631,47810,992,23817,734,481

INV122467,721,32275,402,43782,064,51752,887,761107,997,951INF17510,702,28512,335,03411,525,0539,146,66917,580,165

LHS1288,592,2398,672,5118,222,1516,069,8288,724,353ENE16016,709,06616,140,39516,787,0759,511,59814,514,589

MAN123240,202,10536,387,12440,908,38931,617,63843,795,639WAL1412,655,60613,666,65613,828,0309,709,03114,495,399

MIN17919,9091,002,892694,070- 0539,095CON11279,812,39411,501,02813,362,4936,475,49313,995,319

OTS1392,501,5892,819,9912,525,1152,638,8423,070,434TEL17514,077,50013,134,48513,143,2898,748,40211,337,974

PBS171993,773,53199,899,904102,125,22768,355,595124,001,852GRO1137,775,3557,667,5417,725,6536,975,3339,706,272

PUB1100493,970,674507,381,379519,656,369380,026,595611,595,504LHS1288,592,2398,672,5118,222,1516,069,8288,724,353

RES1191,171,3791,662,1992,271,8672,764,2403,427,736RES1191,171,3791,662,1992,271,8672,764,240

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