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HFA Has State Up $2.6B For Last Year, $1.7B For This Year

January 18, 2022

State government’s flush times don’t appear to be ending any time soon. 

The Governor and legislative leaders can expect $2.6 billion more than expected for the fiscal year that ended Sept. 30, $1.7 billion more than expected for the current fiscal year and $1.3 billion more for next fiscal year, according to the House Fiscal Agency (HFA).

In a preliminary report issued two days before the Consensus Revenue Estimating Conference, the HFA is reporting that General Fund tax revenue increased 20.9% from last year. 

Income tax revenue is up 12.4%. Corporate income tax revenue is up 54.4%. Sales tax grew 14.7% and use tax grew 66.5%.

HFA was to take its projection, stack them up with the projections of the Senate Fiscal Agency and the Department of Treasury on Friday and come up with consensus numbers the Governor will use to craft her 2023 budget proposal.

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