On January 12, 2012 a fiscal 2013 consensus revenue estimate of $21.950 billion was agreed upon by the Secretary of Administration and Finance and the chairs of the House and Senate Committees on Ways and Means.
This consensus estimate as well as the impact of fiscal 2013 revenue initiatives enacted as part of the General Appropriations Act (GAA), constitute total estimated budgeted tax-revenues of $22.011 billion for fiscal 2013. A later piece of legislation relative to the fiscal impact of an August sales tax holiday revised that figure upwards to $22.032 billion.
Based upon the tax revenue targets assumed in the fiscal 2013 budget, the Department of Revenue created a series of monthly and quarterly benchmarks to monitor and track revenue collections throughout the fiscal year.
Each month, the Department publishes a variety of tax revenue collection reports comparing the actual collections to monthly and year-to-date targets as well as year over year growth. Please see below for reports relative to each month.
On October 15, 2012 the Secretary of Administration and Finance kept the GAA tax revenue estimate of $21.950 billion unchanged. However, on December 4th, 2012, the Secretary of Administration and Finance advised the governor of an estimated budgetary revenue shortfall of $540 million, and reduced the tax revenue estimate for fiscal 2013 to $21.496 billion.
In December, 2012 the Commission of the Department of Revenue certified to the Secretary of Administration and Finance that inflation-adjusted baseline tax revenue growth for the three-month period of September, October and November 2012 over the same period in 2011 was -1.29%. Since this target did not exceed the threshold requirement of 0%, the Part B income tax rate was kept unchanged at 5.25% for calendar 2013.
Final fiscal 2013 tax-revenue collections totaled $22.123 billion, $627 million above the final fiscal 2013 estimate, and $112 million above the original fiscal 2013 estimate.