The Utah State Tax Commission released updated revenue collection data today. For the first eight months of fiscal year 2021, General and Education Fund revenue is slightly below our latest point projections, but well within range to hit our target at year-end. Sales tax continues to be stronger than anticipated. Income tax is almost exactly on target. Other GF/EF sources lag projections a bit, but change dramatically at year-end. We anticipate the year-over-year income tax growth rate will accelerate in the next two months as “normal” collections are compared with last year’s delayed collections.
Month eight Transportation Fund revenue lags behind our point target for the year as a whole, but is still within range. In the next few months we’ll know more about whether driving habits changed by the pandemic will result in lower than projected gas tax collections.