governor northam’s proposed amendments 2020-2022...

Governor Northam’s Proposed Amendments 2020-2022 Budget

Economic Outlook and Revenue ForecastA Briefing for the Senate Finance & Appropriations,

House Appropriations, and House Finance Committees

December 16, 2020

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

Commonwealth of Virginiawww.finance.virginia.gov

1

Outline

• Fiscal Year 2020 Year-in-Review

• U.S. and Virginia Economic Outlook

• December Revenue Forecast

• November Revenue Collections

• Next Steps

• Structural Balance

• CARES Act Funding

2

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%

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

National and State Economic Indicators

• According to the second estimate, real GDP rose at an annualized rate of 33.1 percent in the third quarter of 2020, the largest gain on record and reversing about 75 percent of the second quarter decline.

– Prior to this, the largest gain in real GDP was 16.7 percent in the first quarter of 1950.

• Payroll employment rose by 245,000 jobs in November.– This follows gains of 610,000 in October and 711,000 in September.

• The national unemployment rate fell from 6.9 percent to 6.7 percent in November, mostly due to a drop in the labor force.

• Initial claims for unemployment increased by 137,000 to 853,000 during the week ending December 5.

• The Conference Board’s index of leading indicators rose 0.7 percent in October to 108.2 following increases of 0.7 percent in September and 1.6 percent in August. This was the sixth consecutive increase.

• The Conference Board’s index of consumer confidence fell from 101.4 to 96.1 in November. Both components fell with the expectations component leading the decline.

• The Institute of Supply Management index fell from 59.3 to 57.5 in November. It has remained above the expansionary threshold of 50.0 since June.

5

National and State Economic Indicators

• The CPI was unchanged in October and stands 1.2 percent above October 2019. – Core inflation (excluding food and energy prices) was also unchanged, and has increased

1.6 percent from last year.

• At its November meeting, the Federal Reserve left the federal funds target rate unchanged at the range of 0.0 to 0.25 percent.

• In Virginia, payroll employment fell 4.1 percent in October compared with last year. Northern Virginia fell 4.2 percent; Hampton Roads employment fell 2.7 percent, and Richmond-Petersburg fell 4.3 percent.

• The seasonally adjusted unemployment rate decreased by 0.9 percentage point to 5.3 percent and stands 2.6 percentage points above October of last year.

• The Virginia Leading Index rose 2.3 percent in October after rising 2.2 percent in September.– The U.S. Leading Index, future employment, and initial claims improved in October while

auto registrations declined.

– The indexes for all eleven Virginia metro areas rose for the month.

6

Fiscal Year 2021 Year-to-Date Revenue Collections Through November

24.1%

11.6%

9.9%

6.7% 6.1%

-4%-2%0%2%4%6%8%

10%12%14%16%18%20%22%24%26%

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

Monthly Year-to-Date

• Total general fund revenues increased 3.5 percent in November.– No deposit day issues.

• On a year-to-date basis, total revenues increased 6.1 percent, ahead of the annual forecast of a 1.8 percent decline.

Forecast: -1.8%

Monthly Growth: 24.1% -0.2% 7.6% -2.7% 3.5%

7

Fall 2020 Consensus Forecasting Process• Joint Advisory Board of Economists (JABE) met November 4.

– Most JABE members thought the VA standard forecast was the most likely and sufficiently pessimistic in fiscal years 2021 and 2022.

– The October standard forecast had less of a downturn than the interim June standard outlook for FY21 and is similar to FY22.

8 of the 12 members recommended the standard forecast for FY21 and FY22.

– The October pessimistic forecast is similar to the June standard forecast for FY 21, which was the basis for the interim revenue forecast.

• Governor’s Advisory Council on Revenue Estimates (GACRE) met November 23.– Members evaluated the new JABE recommended forecast – now the standard outlook,

revenue collections through October, and the associated revenue forecasts for the FY20-22 biennium.

– At the GACRE meeting, 6 business members voted for the standard plus, 7 members for the standard, and 3 members for the standard minus. Many members were more optimistic than they were in August.

8

Data Now Suggest That the Recovery Started in May –Making the 2020 Recession the Shortest on Record

• GDP contracted 5.0 percent in the first quarter and 31.4 percent in the second quarter of 2020 with unemployment peaking at 13.0 percent.

• Compared to the June standard, in the October standard both the 2nd and 3rd quarters of 2020 performed better than originally estimated when COVID-19 first affected the economy.

19 20 21 22 23 24Real GDP

Interim (Jun '20) 2.6 (2.1) (4.0) 6.7 4.1 2.7Oct Standard 2.5 (1.1) 0.8 2.9 3.1 2.7

Personal IncomeInterim (Jun '20) 5.0 3.9 0.3 3.8 4.4 3.5Oct Standard 4,8 5.1 2.8 0.6 4.6 4.4

Wages & SalariesInterim (Jun '20) 4.8 0.9 0.5 7.9 4.9 3.7Oct Standard 4.9 1.7 3.0 5.8 5.3 4.6

EmploymentInterim (Jun '20) 1.5 (2.0) (3.0) 5.3 2.4 1.2Oct Standard 1.5 (1.9) (1.8) 3.3 2.3 1.5

Fiscal Year

chart data

ServicesTradeManufacturingConstructionInformationFinancialFederalState & LocalXTNEMVAFYXCOMIVAFYXMFEMVAFYXTTEMVAFYXINEMVAFYXFIEMVAFYXBEEMVAFYXEHEMVAFYXLHEMVAFYXOSEMVAFYXGOEMVAFYFedS&L

FY09-109.6-42.1-39.5-52.3-11.2-12.713.6-6.1FY09-10-140.6-52.3-39.5-42.1-11.2-12.7-13.327.9-6.21.27.513.6-6.1

FY11-1295.418.16.03.33.01.0-1.6-16.9FY11-12108.43.36.018.13.01.044.822.512.715.4-18.5-1.6-16.9

Professional and BusinessEducation and HealthLeisure and HospitalityOther

FY09-10-13.327.9-6.21.2

FY11-1244.822.512.715.4

VA Emp(95-08 Sep)*

FY95FY96FY97FY98FY99FY00FY01FY02FY03FY04FY05FY06FY07FY08FY09FY10FY11FY12FY13FY14

Official2.91.63.12.63.02.82.1-1.0-0.31.32.62.11.20.6-1.3-2.61.12.12.21.7

September-1.6-2.11.02.02.12.0

VA YP(95-08 Sep)*


Official5.64.26.36.56.97.38.43.43.66.36.97.46.24.51.11.33.03.74.24.6

September1.61.52.73.64.54.5

VA WD(95-08 Sep)*


Official5.14.67.07.58.87.98.51.43.06.97.56.35.23.90.70.13.03.73.44.1

September1.20.02.84.74.43.9

regemp

Table 2.4 - Fiscal Years 2009-2012 September Standard Forecast

Virginia Economic Forecast - Regional Employment

FY09FY10FY11FY12

Region by Sector (% Change)

Northern Virginia (36%) *Total Nonagricultural Employment(0.8)(0.8)1.32.336%

Construction and Mining (5%) **(11.8)(11.0)(6.9)4.65%

Trade, Transportation, and Utilities (15%)(3.3)(2.5)1.11.715%

Financial Activities (5%)(3.6)(1.8)(1.6)1.75%

Professional and Business Services (28%)1.10.82.04.828%

Education and Health Services (10%)3.64.23.23.310%

Leisure and Hospitality (9%)(0.5)0.86.21.59%

Government (17%)2.30.40.7(3.1)17%

Hampton Roads (20%)Total Nonagricultural Employment(2.4)(2.5)1.01.620%

Construction and Mining (5%)(11.3)(13.0)0.35.25%



Professional and Business Services (14%)(1.3)(3.2)4.35.214%


Leisure and Hospitality (11%)(2.8)(1.7)(1.0)2.911%

Government (21%)1.3(0.6)0.1(3.7)21%

Richmond (17%)Total Nonagricultural Employment(2.0)(3.3)0.21.517%







Government (18%)1.5(1.6)(0.2)(3.8)18%

Balance (28%)Total Nonagricultural Employment(1.8)(2.9)1.12.028%

Construction and Mining (5%)(7.8)(12.5)(3.1)6.05%





Leisure and Hospitality (9%)(0.4)(0.3)0.31.29%

Government (21%)1.4(1.0)0.1(1.6)21%

The September Standard forecast from the Department of Taxation is based on Global Insight's September 2010 U.S. standard forecast.

* Represents the percentage share of Virginia.

** Represents the percentage share of total employment within the region.

reg emp transpose

Northern Virginia (36%)Hampton Roads (20%)Richmond (17%)

FY09FY10FY11FY12FY09FY10FY11FY12FY09FY10FY11FY12

Total Nonagricultural Employment(0.8)(0.8)1.32.3(2.4)(2.5)1.01.6(2.0)(3.3)0.21.5

Construction and Mining(11.8)(11.0)(6.9)4.6(11.3)(13.0)0.35.2(13.8)(11.0)0.53.9

Trade, Transportation, & Utilities(3.3)(2.5)1.11.7(5.8)(3.3)2.21.2(2.7)(3.3)0.71.4

Financial Activities(3.6)(1.8)(1.6)1.7(5.1)(6.3)(0.5)1.4(2.7)(3.6)(0.6)0.8

Professional and Business1.10.82.04.8(1.3)(3.2)4.35.2(3.6)(4.4)2.54.0

Education and Health3.64.23.23.31.91.82.33.15.83.72.42.2

Leisure and Hospitality(0.5)0.86.21.5(2.8)(1.7)(1.0)2.9(0.7)(3.7)(1.9)3.5

Government2.30.40.7(3.1)1.3(0.6)0.1(3.7)1.5(1.6)(0.2)(3.8)

VA key var off std

Fiscal Year

192021222324

Real GDP

Interim (Jun '20)2.6(2.1)(4.0)6.74.12.7

Oct Standard2.5(1.1)0.82.93.12.7

Personal Income

Interim (Jun '20)5.03.90.33.84.43.5

Oct Standard4,85.12.80.64.64.4

Wages & Salaries

Interim (Jun '20)4.80.90.57.94.93.7

Oct Standard4.91.73.05.85.34.6

Employment

Interim (Jun '20)1.5(2.0)(3.0)5.32.41.2

Oct Standard1.5(1.9)(1.8)3.32.31.5

U.S. vs. VA

Fiscal Year

0607080910

Real GDP3.22.12.12.32.9

CPI3.82.62.31.71.9

30-Year T-Bonds4.74.94.85.15.5

Prime Interest Rate7.28.37.77.57.8

Employment

U.S.1.91.61.00.91.2

Virginia2.11.41.31.51.8

Personal Income

U.S.6.26.45.84.75.2

Virginia6.45.25.85.96.2

Wages & Salaries

U.S.5.76.15.64.44.8

Virginia6.25.45.85.26.0

VA key var all

Fiscal Year

0607080910

Employment

Interim ('07)2.11.41.31.61.8

Standard ('07)2.11.41.31.51.8

Alternative ('07)1.00.61.4

Personal Income

Interim ('07)5.95.35.66.06.2

Standard ('07)6.45.25.85.96.2


Wages & Salaries

Interim ('07)6.45.25.55.76.2

Standard ('07)6.25.45.85.26.0


Average Wage

Interim ('07)4.23.74.14.14.3

Standard ('07)4.03.94.53.74.1


9

Key Virginia Economic IndicatorsJune Interim, October Standard and Alternative Forecasts

(annual percent change)

19 20 21 22 23 24Employment

Jun Interim 1.2 (1.7) (2.0) 1.2 1.6 0.8Oct Standard 1.3 (1.4) (0.3) 1.0 1.4 0.9Oct Pessimistic (1.8) 0.4 2.4 2.5Oct Moody's (3.5) 2.0 2.6 1.9

Personal IncomeJun Interim 4.8 3.7 2.8 2.5 4.9 3.7Oct Standard 4.1 4.3 3.7 3.4 3.8 3.5Oct Pessimistic 2.1 2.2 3.9 3.6Oct Moody's (1.5) 0.4 5.3 5.3

Wages & SalariesJun Interim 4.3 0.9 1.9 4.5 6.1 4.4Oct Standard 4.6 2.5 3.3 3.9 4.8 3.9Oct Pessimistic 1.5 2.7 4.9 4.4Oct Moody's (1.3) 3.7 5.1 5.6

Average WageJun Interim 3.1 2.7 3.9 3.2 4.5 3.5Oct Standard 3.3 4.0 3.5 2.9 3.4 3.0Oct Pessimistic 3.2 2.3 2.4 1.9Oct Moody's 2.1 1.7 2.5 3.6

chart data


FY09-109.6-42.1-39.5-52.3-11.2-12.713.6-6.1FY09-10-140.6-52.3-39.5-42.1-11.2-12.7-13.327.9-6.21.27.513.6-6.1

FY11-1295.418.16.03.33.01.0-1.6-16.9FY11-12108.43.36.018.13.01.044.822.512.715.4-18.5-1.6-16.9


FY09-10-13.327.9-6.21.2

FY11-1244.822.512.715.4

VA Emp(95-08 Sep)*


Official2.91.63.12.63.02.82.1-1.0-0.31.32.62.11.20.6-1.3-2.61.12.12.21.7

September-1.6-2.11.02.02.12.0

VA YP(95-08 Sep)*


Official5.64.26.36.56.97.38.43.43.66.36.97.46.24.51.11.33.03.74.24.6

September1.61.52.73.64.54.5

VA WD(95-08 Sep)*


Official5.14.67.07.58.87.98.51.43.06.97.56.35.23.90.70.13.03.73.44.1

September1.20.02.84.74.43.9

regemp



FY09FY10FY11FY12









Government (17%)2.30.40.7(3.1)17%








Government (21%)1.3(0.6)0.1(3.7)21%








Government (18%)1.5(1.6)(0.2)(3.8)18%








Government (21%)1.4(1.0)0.1(1.6)21%




reg emp transpose










Government2.30.40.7(3.1)1.3(0.6)0.1(3.7)1.5(1.6)(0.2)(3.8)

VA key var off std

Fiscal Year

091011121314

Employment

Official (Oct '09)(1.3)(2.6)1.12.12.21.7

Sep Standard(1.6)(2.1)1.02.02.12.0

Personal Income

Official (Oct '09)1.11.33.03.74.24.6

Sep Standard1.61.52.73.64.54.5

Wages & Salaries

Official (Oct '09)0.70.13.03.73.44.1

Sep Standard1.20.02.84.74.43.9

Average Wage

Official (Oct '09)2.02.81.91.61.22.4

Sep Standard2.92.21.82.72.21.9

U.S. vs. VA

Fiscal Year

09101112

Real GDP(2.8)0.72.22.7

Consumer Spending(1.7)0.41.92.3

CPI1.41.01.31.6

30-Year T-Bonds3.94.43.53.6

Employment

U.S.(2.8)(3.0)0.51.6

Virginia(1.6)(2.1)1.02.0

Personal Income

U.S.0.50.33.23.5

Virginia1.61.52.73.6

Wages & Salaries

U.S.(1.9)(1.7)2.64.1

Virginia1.20.02.84.7

VA key var all

192021222324

Employment

Jun Interim1.2(1.7)(2.0)1.21.60.8

Oct Standard1.3(1.4)(0.3)1.01.40.9

Oct Pessimistic(1.8)0.42.42.5

Oct Moody's(3.5)2.02.61.9

Personal Income

Jun Interim4.83.72.82.54.93.7

Oct Standard4.14.33.73.43.83.5

Oct Pessimistic2.12.23.93.6

Oct Moody's(1.5)0.45.35.3

Wages & Salaries

Jun Interim4.30.91.94.56.14.4

Oct Standard4.62.53.33.94.83.9


Oct Moody's(1.3)3.75.15.6

Average Wage

Jun Interim3.12.73.93.24.53.5

Oct Standard3.34.03.52.93.43.0


Oct Moody's2.11.72.53.6

10

Key U.S. and Virginia Economic IndicatorsU.S. October 2020 Standard and Virginia Standard Forecast

(annual percent change)

Virginia’s Employment and Wages & Salaries AreExpected To Perform Below the Nation Starting in FY22

Fiscal Year19 20 21 22 23 24

Real GDP 2.5 (1.1) 0.8 2.9 3.1 2.7 Consumer Spending 2.6 (1.3) 0.8 3.1 2.8 2.6CPI 2.1 1.6 1.9 2.7 2.0 1.83-Month T-bill 2.3 1.2 0.1 0.1 0.1 0.1

EmploymentU.S. 1.5 (1.9) (1.8) 3.3 2.3 1.5Virginia 1.3 (1.4) (0.3) 1.0 1.4 0.9

Personal IncomeU.S. 4.8 5.1 2.8 0.6 4.6 4.4Virginia 4.1 4.3 3.7 3.4 3.8 3.5

Wages & SalariesU.S. 4.9 1.7 3.0 5.8 5.3 4.6Virginia 4.6 2.5 3.3 3.9 4.8 3.9

chart data


FY09-109.6-42.1-39.5-52.3-11.2-12.713.6-6.1FY09-10-140.6-52.3-39.5-42.1-11.2-12.7-13.327.9-6.21.27.513.6-6.1

FY11-1295.418.16.03.33.01.0-1.6-16.9FY11-12108.43.36.018.13.01.044.822.512.715.4-18.5-1.6-16.9


FY09-10-13.327.9-6.21.2

FY11-1244.822.512.715.4

VA Emp(95-08 Sep)*


Official2.91.63.12.63.02.82.1-1.0-0.31.32.62.11.20.6-1.3-2.61.12.12.21.7

September-1.6-2.11.02.02.12.0

VA YP(95-08 Sep)*


Official5.64.26.36.56.97.38.43.43.66.36.97.46.24.51.11.33.03.74.24.6

September1.61.52.73.64.54.5

VA WD(95-08 Sep)*


Official5.14.67.07.58.87.98.51.43.06.97.56.35.23.90.70.13.03.73.44.1

September1.20.02.84.74.43.9

regemp



FY09FY10FY11FY12









Government (17%)2.30.40.7(3.1)17%








Government (21%)1.3(0.6)0.1(3.7)21%








Government (18%)1.5(1.6)(0.2)(3.8)18%








Government (21%)1.4(1.0)0.1(1.6)21%




reg emp transpose










Government2.30.40.7(3.1)1.3(0.6)0.1(3.7)1.5(1.6)(0.2)(3.8)

VA key var off std

Fiscal Year

091011121314

Employment

Official (Oct '09)(1.3)(2.6)1.12.12.21.7

Sep Standard(1.6)(2.1)1.02.02.12.0

Personal Income

Official (Oct '09)1.11.33.03.74.24.6

Sep Standard1.61.52.73.64.54.5

Wages & Salaries

Official (Oct '09)0.70.13.03.73.44.1

Sep Standard1.20.02.84.74.43.9

Average Wage

Official (Oct '09)2.02.81.91.61.22.4

Sep Standard2.92.21.82.72.21.9

U.S. vs. VA

Fiscal Year

192021222324

Real GDP2.5(1.1)0.82.93.12.7

Consumer Spending2.6(1.3)0.83.12.82.6

CPI2.11.61.92.72.01.8

3-Month T-bill2.31.20.10.10.10.1

Employment

U.S.1.5(1.9)(1.8)3.32.31.5

Virginia1.3(1.4)(0.3)1.01.40.9

Personal Income

U.S.4.85.12.80.64.64.4

Virginia4.14.33.73.43.83.5

Wages & Salaries

U.S.4.91.73.05.85.34.6

Virginia4.62.53.33.94.83.9

VA key var all

Fiscal Year

0607080910

Employment

Interim ('07)2.11.41.31.61.8

Standard ('07)2.11.41.31.51.8


Personal Income

Interim ('07)5.95.35.66.06.2

Standard ('07)6.45.25.85.96.2


Wages & Salaries

Interim ('07)6.45.25.55.76.2

Standard ('07)6.25.45.85.26.0


Average Wage

Interim ('07)4.23.74.14.14.3

Standard ('07)4.03.94.53.74.1


11

The Interim to December Standard General Fund Forecasts

(Dollars in Millions)

0 0 0 0Withholding $13,704.2 $13,739.6 $35.4 2.4 % 2.7 %Nonwithholding 3,668.9 3,971.9 303.0 (3.6) 4.4Refunds (1,924.9) (2,198.8) (273.9) 5.1 20.1

Net Individual $15,448.2 $15,512.7 $64.5 0.6 1.0

Sales $3,346.5 $3,609.4 $262.9 (9.7) (2.6)Corporate 1,041.7 1,212.7 171.0 3.0 19.9Wills (Recordation) 422.4 549.3 126.9 (12.6) 13.6Insurance 337.4 333.9 (3.5) (6.4) (7.4)All Other Revenue 756.9 790.6 33.7 (8.1) (4.0)

Total Revenue $21,353.1 $22,008.6 $655.5 (1.8) % 1.2 %

A.B.C. Profits $139.5 $139.5 $0.0 1.5 % 1.5 %Sales Tax (0.375%) 365.7 394.4 28.7 (9.9) (2.9)Transfers Per Act 105.2 105.4 0.2 (34.3) (34.3)

Total Transfers $610.4 $639.3 $28.9 (13.3) % (9.2) %

TOTAL GENERAL FUND $ $21,963.5 $ $22,647.9 $ 684.4 (2.1) % 0.9 %

December Change Interim DecemberInterim% Growth Over FY20

12/16/2020

Fiscal Year 2021

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 Interim and December General Fund Forecast for Fiscal Year 2021The Interim and December General Fund Forecast for Fiscal Year 2022The December General Fund Forecast for Fiscal Years 2023-2024The December General Fund Forecast for Fiscal Years 2025-2028The December General Fund Forecast for Fiscal Years 2025-2028

(Dollars in Millions)(Dollars in Millions)6/7/18(Dollars in Millions)12/16/20(Dollars in Millions)12/16/20(Dollars in Millions)December 16, 2020(Dollars in Millions)December 16, 2020(Dollars in Millions)December 16, 2020(Dollars in Millions)December 16, 2020

Fiscal Year 2018Fiscal Year 2019Fiscal Year 2019Fiscal Year 2020Fiscal Year 2021Fiscal Year 20222020-2022 BienniumFiscal Year 2023Fiscal Year 20242022-2024 BienniumFY 25FY 26FY 27FY 28

IgnoreAs a % of Total General Fund% Growth Over FY 18% Growth Over FY19% Growth Over FY20As a % of Total% Growth Over FY21December% Growth Over FY 22December% Growth Over FY 23December% Growth Over 20-22Fiscal YearFiscal YearFiscal YearFiscal Year% Growth% Growth% Growth% Growth

Major SourcesActual% GrowthOfficialActualChangeOfficialActualMajor SourcesActual% GrowthOfficialActualChangeOfficialActualInterimDecemberChangeInterimDecemberRevenuesInterimDecemberChangeInterimDecemberInterimDecemberChangeForecastForecastForecast2025202620272028Over FY 24Over FY 25Over FY 26Over FY 27

0.00.00.0

Withholding$12,540.5ERROR:#DIV/0!61.1%$13,378.1$12,987.8($390.2)6.7%3.6%Withholding$12,987.83.6%25,528.359.6%$13,378.1$13,378.1$0.03.0%3.059.6%Withholding$13,704.2$13,739.6$35.42.4%2.7%Withholding61.0%$14,341.0$14,245.9($95.1)4.6%3.7%$28,045.2$27,985.5($59.7)Withholding$14,648.32.8%$15,039.72.7%$29,688.06.1%Withholding15,521.015,983.316,404.116,810.3Withholding3.23.02.62.5

0.00.00.0

Nonwithholding3,472.9ERROR:#DIV/0!16.93,804.53,976.8172.49.514.5Nonwithholding3,976.814.57,449.70.0ERROR:#DIV/0!3,804.53,804.50.0(4.3)(4.3)17.0%Nonwithholding3,668.93,971.9303.0(3.6)4.4Nonwithholding17.13,784.93,985.4200.53.20.37,453.87,957.3503.5Nonwithholding4,210.15.64,312.12.48,522.27.1Nonwithholding4,514.84,428.84,455.04,553.5Nonwithholding4.7(1.9)0.62.2

0.00.00.00.0%0.0

Refunds(1,907.6)13.8(9.3)(1,830.9)(1,738.2)92.7(4.0)(8.9)Refunds(1,738.2)(8.9)(3,645.8)0.04.9(1,830.9)(1,830.9)0.05.35.3-8.2%Refunds(1,924.9)(2,198.8)(273.9)5.120.1Refunds(9.1)(2,062.4)(2,130.0)(67.6)7.1(3.1)(3,987.3)(4,328.8)(341.5)Refunds(2,179.6)2.3(2,248.6)3.2(4,428.2)2.3Refunds(2,310.3)(2,391.6)(2,454.4)(2,481.6)Refunds2.73.52.61.1

0.00.00.00.0%0.0%0.0

Net Individual14,105.859.568.8%$15,351.6$15,226.5($125.1)8.8%7.9%Net Individual$15,226.57.9%29,332.20.067.4$15,351.6$15,351.6$0.00.8%0.8%68.4%Net Individual$15,448.2$15,512.7$64.50.61.0Net Individual68.9%$16,063.5$16,101.3$37.84.03.8$31,511.7$31,614.0$102.3Net Individual$16,678.83.6$17,103.22.5$33,782.06.9Net17,725.518,020.518,404.718,882.2Net3.61.72.12.6

0.00.00.00.0%

Sales3,461.838.916.9%$3,706.8$3,580.4($126.5)7.1%3.4%Sales$3,580.43.4%7,042.10.042.4$3,706.8$3,706.8$0.03.5%3.5%16.5%Sales$3,346.5$3,609.4$262.9(9.7)(2.6)Sales15.9%$3,438.7$3,705.7$267.02.82.7$6,785.2$7,315.1$529.9State Sales & Use Tax$3,809.22.8$3,897.72.3$7,706.95.4State Sales & Use Tax4,093.64,290.94,407.44,545.3State Sales & Use Tax5.04.82.73.1

0.00.00.00.0%0.0%

Corporate$861.921.6%4.21,011.7943.4(68.3)17.49.5Corporate943.49.51,805.30.031.11,011.71,011.70.07.27.24.5%Corporate1,041.71,212.7171.03.019.9Corporate5.51,143.01,289.6146.69.76.32,184.72,502.3317.6Corporate Income1,370.36.31,395.31.82,765.610.5Corporate Income$1,425.3$1,479.4$1,303.1$1,337.9Corporate Income2.2%3.8%(11.9)%2.7%

0.00.00.00.0%0.0

Wills (Recordation)394.969.31.9483.5386.5(97.1)22.4(2.1)Wills (Recordation)386.5(2.1)781.40.067.1483.5483.50.025.125.12.2%Wills (Recordation)422.4549.3126.9(12.6)13.6Wills (Recordation)2.0393.0467.074.0(7.0)(15.0)815.41,016.3200.9Wills (Recordation)467.00.0467.00.0934.0(8.1)Wills, Suits, Deeds, & Contract Fees467.0467.0467.0467.0Wills, Suits, Deeds, & Contract Fees0.00.00.00.0

0.00.00.00.0%0.00.0

Insurance337.975.21.6360.6382.021.46.713.0Insurance382.013.0720.00.088.2360.6360.60.0(5.6)(5.6)1.6%Insurance337.4333.9(3.5)(6.4)(7.4)Insurance1.5359.5360.81.36.68.1696.9694.7(2.2)Insurance375.44.0388.03.4763.49.9Insurance Company Premiums400.1412.7425.1437.4Insurance Company Premiums3.13.13.02.9

0.00.00.00.0%0.00.0

All Other Revenue$718.5(4.0)%3.5823.6788.8(34.7)14.69.8All Other Revenue$718.59.81,437.00.05.8823.6823.60.04.414.63.7%All Other Revenue756.9790.633.7(8.1)(4.0)All Other Revenue3.4787.8805.017.24.11.81,544.71,595.650.9All Other Revenue817.11.5828.01.31,645.13.1Total Misc. Taxes and Other Revenues$828.3$828.7$829.0$829.4Total Misc. Taxes and Other Revenues0.0%0.0%0.0%0.0%

0.00.00.00.0%

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

0.00.00.00.0%0.0%

Alcoholic Beverage State Tax$191.01.8%226.4$200.1(26.3)18.6%4.8%Alcoholic Beverage State Tax$200.14.8%391.10.06.6226.4$226.40.00.0%13.2%1.0%Alcoholic Beverage State Tax219.7233.513.8(3.0)%3.1%Alcoholic Beverage State Tax1.0%228.8242.914.14.1%4.0%448.5476.427.9Alcoholic Beverage State Tax$253.026.4%$263.64.2%$516.632.1%Alcoholic Beverage State Tax$263.6$263.6$263.6$263.6Alcoholic Beverage State Tax0.0%0.0%0.0%0.0%

0.00.00.00.0%0.0%0.0

Bank Franchise Tax24.089.926.729.73.011.524.0Bank Franchise Tax29.724.053.70.0113.926.726.70.00.0(10.0)0.1%Bank Franchise Tax22.024.02.0(17.7)(10.2)Bank Franchise Tax0.1%22.024.02.00.00.044.048.04.0Bank Franchise Tax24.0(19.2)24.00.048.0(10.5)Bank Franchise Tax24.024.024.024.0Bank Franchise Tax0.00.00.00.0

0.00.00.00.0%0.0%0.0

Beer & Beverage Excise Tax40.99.340.840.7(0.1)(0.2)(0.5)Beer & Beverage Excise Tax40.7(0.5)81.50.08.840.840.80.00.00.30.2%Beer & Beverage Excise Tax40.740.80.1(0.2)0.1Beer & Beverage Excise Tax0.2%40.740.80.10.00.081.481.60.2Beer & Beverage Excise Tax40.80.340.80.081.60.1Beer & Beverage Excise Tax40.840.840.840.8Beer & Beverage Excise Tax0.00.00.00.0

0.00.00.00.0%0.0%0.0

Corporate Franchise & Charter Fees53.674.359.258.2(0.9)10.38.6Corporate Franchise & Charter Fees58.28.6111.90.082.959.259.20.00.01.60.3%Corporate Franchise & Charter Fees52.353.91.6(11.6)(8.9)Corporate Franchise & Charter Fees0.2%52.353.91.60.00.0104.6107.83.2Corporate Franchise & Charter Fees53.9(7.5)53.90.0107.8(3.6)Corporate Franchise & Charter Fees53.953.953.953.9Corporate Franchise & Charter Fees0.00.00.00.0

0.00.00.00.0%0.0%

Excess & Other Fees from Officers(7.7)(55.1)(8.6)(6.9)1.8(12.9)10.3Excess & Other Fees from Officers(6.9)10.3(14.5)0.0(44.8)(8.6)(8.6)0.00.0(25.9)-0.0%Excess & Other Fees from Officers(7.5)(9.0)(1.5)(13.3)4.1Excess & Other Fees from Officers-0.0%(7.5)(8.0)(0.5)0.011.1(15.0)(17.0)(2.0)Excess & Other Fees from Officers(8.0)16.5(8.0)0.0(16.0)10.2Excess & Other Fees from Officers(8.0)(8.0)(8.0)(8.0)Excess & Other Fees from Officers0.00.00.00.0

0.00.00.00.0%0.0%0.0

Estate & Gifts0.958.80.10.20.1(91.4)(79.5)Estate & Gifts0.2(79.5)1.10.0(20.7)0.10.10.0n/an/a0.0%Estate & 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

0.00.00.00.0%0.0%0.0

Institutional Revenues2.8(0.9)2.62.70.1(6.8)(2.3)Institutional Revenues2.7(2.3)5.50.0(3.3)2.62.60.00.0(4.6)0.0%Institutional Revenues2.62.1(0.5)1.1(18.3)Institutional Revenues0.0%2.62.1(0.5)0.00.05.24.2(1.0)Institutional Revenues2.1(22.0)2.10.04.2(23.0)Institutional Revenues2.12.12.12.1Institutional Revenues0.00.00.00.0

0.00.00.00.0%0.0%0.0

Interest & Rents61.7(6.6)110.787.3(23.4)79.441.4Interest & Rents87.341.4149.00.034.8110.7110.70.00.026.90.5%Interest & Rents80.389.08.7(27.5)(19.6)Interest & Rents0.4%92.289.4(2.8)14.80.4172.5178.45.9Interest & Rents89.42.489.40.0178.820.0Interest & Rents89.489.489.489.4Interest & Rents0.00.00.00.0

0.00.00.00.0%0.0%

Licenses & Permits4.0(75.0)3.63.90.4(11.3)(1.5)Licenses & Permits3.9(1.5)8.00.0(76.5)3.63.60.00.0(9.9)0.0%Licenses & Permits4.03.0(1.0)12.6(15.5)Licenses & Permits0.0%4.03.6(0.4)0.020.08.06.6(1.4)Licenses & Permits3.6(8.7)3.60.07.2(9.4)Licenses & Permits3.63.63.63.6Licenses & Permits0.00.00.00.0

0.00.00.00.0%0.0%0.0

Miscellaneous Taxes and Penalties229.238.5230.4245.915.50.57.3Miscellaneous Taxes and Penalties245.97.3475.00.045.8230.4230.40.00.0(6.3)1.0%Miscellaneous Taxes and Penalties220.6226.66.0(4.2)(1.6)Miscellaneous Taxes and Penalties1.0%230.5228.6(1.9)4.50.9451.1455.24.1Miscellaneous Taxes and Penalties229.6(6.6)229.90.1459.5(3.3)Miscellaneous Taxes and Penalties230.2230.6230.9231.3Miscellaneous Taxes and Penalties0.10.20.10.2

0.00.00.00.0%0.0%0.0

Other Miscellaneous Revenues19.4(33.8)34.828.1(6.7)78.844.4Other Miscellaneous Revenues28.144.447.50.010.634.834.80.00.023.80.2%Other Miscellaneous Revenues23.328.14.8(33.0)(19.2)Other Miscellaneous Revenues0.1%23.329.15.80.03.646.657.210.6Other Miscellaneous Revenues30.17.230.10.060.226.7Other Miscellaneous Revenues30.130.130.130.1Other Miscellaneous Revenues0.00.00.00.0

0.00.00.00.0%0.0%0.0

Public Service GR / Consumption Tax98.7(22.7)97.098.91.9(1.7)0.2Public Service GR / Consumption Tax98.90.2197.60.0(22.5)97.097.00.00.0(1.9)0.4%Public Service GR / Consumption Tax98.998.6(0.3)1.91.6Public Service GR / Consumption Tax0.4%98.998.6(0.3)0.00.0197.8197.2(0.6)Public Service GR / Consumption Tax98.6(0.3)98.60.0197.2(0.2)Public Service GR / Consumption Tax98.698.698.698.6Public Service GR / Consumption Tax0.00.00.00.0

Total Revenue$19,880.896.9%$21,737.8$21,307.5($430.3)9.3%7.2%Total Revenue$21,307.57.2%41,188.30.07.2$21,737.8$21,737.8$0

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