April Road Fund Receipts Down 8.7%

The Office of State Budget Director (OSBD) reported that Road Fund receipts fell 8.7% in April compared to the same time last year. Collections for the month were $148.5 million. Last month’s decrease reduces year-to-date growth to 2.3%. OSBD suggested receipts from April 2021 were inflated due to timing issues. Motor fuels taxes are the only portion of the road fund shared with local governments.

Motor fuels revenue rose 2.4% in April and is up 4.8% year-to-date. Motor fuels receipts through April are at $642.5 million, far behind the historic high mark of $825 million available in FY 2014.  Motor vehicle usage tax collections fell 18.1%, and license and privilege receipts were down 4.1%.

OSBD also reported that April’s General Fund receipts of $1.84 billion are the highest monthly amount ever reported. Receipts were up 34.9%, bringing the year-to-date growth rate to 16.4%.

Individual income tax collections grew by 80.7%. The state collected $432.2 million in April because withholding, estimated payments, and payments with tax returns all significantly increased.

Sales and use tax receipts fell 1.8% to $477.6 million, but collections grew 11.6% year-to-date. Property tax collections fell 15.1%, or $4.6 million, for April with year-to-date receipts up 3.3%.

Read the full report here.