The State's Credit Fundamentals Continue to Improve
FY2019-2020 General Funds
Revenues Summary
General funds revenues are
estimated to total $38.9
billion, a $1.493 billion, or
4.0%, increase from FY2019
revised base estimates.
The FY2020 projection
reflects the impact of the
revenue changes outlined
on slide 20.
ā
New Medicaid program
related revenues, plus a
portion of the overall
cigarette tax revenues, will
be deposited directly into
the Healthcare Provider
Relief Fund, outside of the
general funds.
In addition, there is a
proposed Delinquent Tax
Payment Incentive
Program estimated to
accelerate $175 million into
FY2020.
Resources:
$ in millions
Estimated
Projected
%
FY 2019
FY 2020
increase
increase
Net Individual Income Taxes
18,251
18,851
600
3.3%
Net Corporate Income Taxes
2,207
2,338
131
5.9%
Net Sales Taxes
8,229
8,537
308
3.7%
All Other Sources
3,448
3,807
359
10.4%
Total State Sources: Revenues
32,135
33,533
1,398
4.3%
State Sources: Transfers In
Lottery
731
745
14
1.9%
Riverboat Gaming Taxes
Other Transfers
Total State Sources:
263
258
(5)
-1.9%
1,061
820
(241)
-22.7%
34,190
35,356
1,166
3.4%
Federal Sources
Total, Base Revenues
Interfund Borrowing
Total Resources*
3,220
3,547
327
10.2%
37,410
38,903
1,493
4.0%
250
37,660
(250)
38,903
1,243
3.3%
*FY2019 resources here do not include the $700 million from Treasurer's investment
program, nor the estimated $600 million deposit from a proposed backlog borrowing
and the impact that borrowing might have on federal receipts. See the Budget Book
for additional details on FY2019 revised budget estimates.
11
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