Fiscal Year 2018 is over. And it ended with a bang. The State closed the fiscal year with a $252 million revenue surplus. Of the $252 million, $210 million stemmed from better-than-expected Education Fund performance and $42 million came from the General Fund.
The Transportation Fund ended FY 2018 in a revenue deficit at -$9 million. This was drive largely gasoline tax (-$4 million) and diesel tax (-$8 million). All other sources to the Transportation Fund ended the year +$3 million above target.
Behind the surplus was stronger than expected income tax revenue (+$108 million), corporate tax revenue (+$100 million), sales tax ($+29 million), and other General Fund revenue (+$13 million). Click on these interactive graphics to further explore components of the revenue surplus.
A portion of the revenue surplus will be deposited into reserve funds and other accounts. Those deposits, combined with performance on the spending side, will determine the State’s final budget surplus and amount of revenue available to policymakers in the 2019 General Session.