More Tax Revenue Collected So Far Than Initially Predicted

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(Via the Wyoming Taxpayers Association) The co-chairmen of the Consensus Revenue Estimating Group (CREG) released their quarterly update on Friday, July 27, highlighting the state’s revenue collections by major source. The report provides a comparison of revenue collections received from July 1, 2017 through June 2018 to the annual projections made in the January 2018 Wyoming State Government Revenue Forecast.

The report indicates actual General Fund (GF) and Budget Reserve Account (BRA) revenue collections are exceeding the forecasted pace by $56.5 million or 4.4 percent through June 2018 ($315.7 million, or 24.7 percent, ahead when including capital gains and losses).

Sales and use taxes directed to the GF are ahead of the forecast pace by $27.1 million, or 6.1 percent. This is especially important since sales and use tax revenue is both the largest revenue category for the GF and a vital revenue source for cities, towns, and counties. Year-over-year statewide sales and use tax collections are up across the majority of the state, with only four counties (Crook, Goshen, Washakie, and Weston), as well as a handful of municipalities, recording year-over-year declines for FY 2018.

​You can read the entire report here.

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