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Annual Report of the Comptroller, 1987
Volume 351, Page 12   View pdf image (33K)
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General Governmental Functions

Revenues of the general governmental functions (excluding capital projects) totaled $7,545,165,000 for
the fiscal year ended June 30, 1987. This represents an increase of 11.8 percent over revenues for the fiscal
year 1986. Income tax, the largest source of revenue, produced 33.7 percent of general governmental revenues
compared to 31.7 percent last year. The revenues (amounts expressed in thousands) from various sources and
the changes from last year are shown in the following tabulation:

Increase (Decrease)

   

Percent

Over 1986

Actual

Revenue Source

Amount

of Total

Amount

Percent

Income taxes

$2,540,426

33.7%

$399,832

18.7%

Retail sales and use taxes

1,302,463

17.2

112,860

9.5

Motor vehicle taxes and fees

794,946

10.5

53,006

7.1

Other taxes

751,081

10.0

109,314

17.0

Other licenses and fees

102,285

1.4

11,181

12.3

Charges for services

284,983

3.8

46,121

19.3

Interest and other investment income

65,436

.9

(29,028)

(30.7)

Other

174,834

2.3

1,701

1.0

Gain on exchange of securities

39,543

.5

(13,794)

(25.9)

Federal revenue

1,489,168

19.7

105,960

7.7

Total

$7,545,165

100.0%

$797,153

11.8%

Of the total income tax revenue for fiscal year 1987, $2,302,500,000 was produced by the individual
income tax and $237,926,000 by the corporate income tax, representing increases of $382,080,000 and
$17,752,000, respectively, compared to the prior year. The increase in individual income tax revenues of 19.9
percent over the prior year is attributable to population growth, a higher personal income level for the State's
taxpayers, and a higher than usual capital gains taxable income as a result of changes to the tax rates in the
Federal Tax Reform Act of 1986. The increase in the corporate income tax revenues of 8.1 percent from the
prior year is attributable to the improvement in the national economy.

The retail sales and use taxes increased $112,860,000 or 9.5 percent over the previous year which is also
attributable to the improvement in the national economy.

Other taxes increased $109,314,000 or 17.0 percent over the previous year which are primarily
attributable to the higher than usual capital gains transactions.

Revenues from charges for services increased $46,121,000 or 19.3 percent from 1986. This increase
resulted primarily from an increase in recoveries of Medical Assistance payments.

Changes in levels of expenditures (amounts expressed in thousands) for major functions from the previous
year (excluding capital projects) are shown in the following tabulation:

12

 

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Annual Report of the Comptroller, 1987
Volume 351, Page 12   View pdf image (33K)
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