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Tue July 23, 2013
State Revenue Remains Short Of Pre-Recession Levels
General Revenue Fund collections have increased annually since hitting their “Great Recession” low in fiscal year 2010. Fiscal year 2013 collections totaled $5.575 billion, $1 billion more than the $4.621 billion collected in FY2010, but still remain below their pre-recession high.
Former Treasurer Scott Meacham described FY2010, his last full fiscal year as treasurer and as the man then responsible for the monthly revenue reports, as “the worst fiscal year in recent memory.”
General Revenue Fund collections for FY2010 totaled $945 million or 17 percent below those of FY2009, which coincidentally were $412 million less than those of FY2008, and $816 million or 15 percent below the estimate.
Fiscal year 2008 marked the high point in General Revenue Fund collections. Receipts totaled $5.953 billion.
That amount was $18.4 million or 0.3 percent more than the prior fiscal year and $107.8 million or 1.8 percent more than the estimate. That resulted in the fourth consecutive year that the Rainy Day Fund was filled to its maximum capacity and left additional funds remaining.
(Reported by Shawn Ashley)