Late last week, the Tax Commission released their revenue summary report, detailing collections through eight months of the Fiscal Year (FY). As of March 7th, revenue to all sources grew 0.2%, or $22.8 million, over FY 2023. The March Revenue Snapshot, produced by the Legislative Fiscal Analyst and the Governor’s Office of Planning and Budget, shows collections nearly matching projections. Revenue estimates were updated back in February, and provide the basis for the budget passed during the 2024 General Session.
General Fund collections totaled a little over $2.8 billion, representing a year-over-year (YoY) growth rate of 3.6%. While we typically think of General Fund as being supported through sales and use tax, our familiar friend Investment Income is primarily credited with this month’s YoY gains. These revenues overshadow other sources, such as Oil and Gas Severance and Mining Severance Taxes, which are down more than 30% when compared to FY 2023.
Income Tax Fund revenues posted (2.0%) YoY, which closely mirrors the projected (2.2%) forecast . Withholding continues it’s trajectory of positive returns, indicating a stable, strong labor market. Final payments are down 27.1% over last year; however, as with any tax year, May’s revenue reports will be the true indicator of how payments compare.
The Transportation Fund is up 12.2%, consistent with our previous 2024 reports that reflect a higher fuel tax. Motor vehicle registrations are also up 16.8%, perhaps bolstered by both vehicle availability and recently available Historical Society of Utah plates.
The reports referenced in this post are available at the following links:
March Revenue Snapshot (FY 24)
Tax Commission Revenue Summary (Period 8, FY 2024)
Revenue Publications Archive