DOR today released the October revenue report tallying a monthly collection of $1.45 billion, $107 million more than collected a year ago and $12 million under the revised monthly benchmark.
The FY12 revenue estate was revised upward by $395 million on October 17. As a result of that upward revision, what had appeared last month as a $190 million above benchmark revenue collection performance in the first three months of FY12 is now reported as $12 million under benchmark for the year.
When benchmarks are adjusted upward, revenue growth already registered as above benchmark is absorbed into the new, higher benchmark. The FY12 revenue estimate has grown from $20.615 billion to $21.010 billion as a result of the revised benchmark, effectively raising the bar for future above benchmark monthly performance.
The likely source of the below benchmark October collection is income withholding, which grew by $63 million but still fell $41 million short of benchmark. DOR believes that some withholding that was projected to arrive in October will show up in November instead.
For a closer look at the October numbers, take a look at the October tax collection summary, which reports on both the month and year-to-date.
So far in FY12, the state has collected $6.516 billion, an increase of $420 million or 6.9 percent from a year ago. Since October is the first month to report under the revised FY12 benchmarks, Commonwealth revenues for the year are $12 million under benchmark, the same as for the month of October.