October revenues come in nearly $163 million over estimates

The Office of Budget and Management (OBM) reported Monday that the state’s October revenues came in $162.6 million or 7.2% over estimates for the month with a total of $2.4 billion collected. That takes the FY24 revenues to nearly $218.6 million or 2.4% over estimates. 

Leading the way in October was the Personal Income Tax which was nearly $133.8 million or 18.8% over estimates. That was followed by the Commercial Activity Tax (CAT) exceeding estimates by $16.6 million or 14.0% and the auto sales tax coming in at $14.8 million or 9.4% above projections. 

However, the non-auto sales tax came in nearly $23.9 million or 2.4% below estimates for the month. 

A total of nearly $9.5 billion has been collected in the first four months of FY24 which started July 1. This is nearly $316.9 million or 3.5% more than last year at this time when $9.1 billion was collected. 

October 2022 saw a total of nearly $2.3 billion collected – nearly $126.9 million or 5.5% less than was collected in October 2023.