Revenues Run Well Ahead of the Pace Set in June 2023
Through the first half of June, state tax collectors have recorded increases in all major tax categories as revenues run well ahead of the pace set in June 2023.
The Department of Revenue said Thursday that it raked in $2.094 billion from June 1 through June 14, $483 million or 29.9 percent more than actual collections during the same period in June 2023.
By the time the month ends, and with it fiscal year 2024, DOR expects to have collected $4.227 billion for the month of June. The last month of the fiscal year generally accounts for a bit more than 11 percent of the state’s annual tax revenue.
Through 11 months of fiscal year 2024, DOR took in $36.306 billion in tax revenue. That’s $1.279 billion or 3.7 percent more than collections at the same checkpoint in fiscal 2023, and $700 million or 2 percent ahead of the year-to-date benchmark.
Gov. Maura Healey made mid-year budget cuts, tapped other revenue sources and shaved $1 billion off the year-end revenue estimate in January as revenues slumped. Things turned around in April and the cushion that month’s strong showing provided blunted the impact of a below-benchmark performance in May.
It’s unclear how much of the $1 billion by which April collections beat expectations can be used to support general budgeted spending since much of the overage came from capital gains and income surtax revenue — money that is to be set aside for specifically mandated purposes.
Fiscal year 2024 ends June 30 and DOR has no specific deadline for reporting June revenues, which often accompany the report on full-year collections.
