General Fund Receipts through February 28

Iowa’s February 2018 net General Fund revenue was $17.3 million (-2.7%) below the February 2017 revenue level. Cash fiscal year-to-date net receipts are $428.6 million (9.3%) higher than FY 2017.

Accounting changes, deposit dates, and federal tax law changes are among the factors that complicate this month-to-month growth comparison. One major difference was a significant increase in sales/use tax refunds. Total refunds issued at this point equal the total of most fiscal years by the close of the year. This is negatively impacting revenues by $33.6 million

Major sources of revenue affecting FY 2018 year to date revenue are:

  • Personal income tax +$239.2 MM
  • Sales/use tax +$106.7 MM
  • Corp tax +$33.8 MM
  • Other taxes +$2.6 MM
  • Other receipts +$12.9 MM
  • Tax refunds not including school infrastructure refunds +$23.7 MM
  • School infrastructure sales/use tax refunds +$10.1 MM