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General Governmental Functions
Revenues of the general governmental functions (excluding capital projects) totaled $8,188,475,000 for the
fiscal year ended June 30,1988. This represents an increase of 9.3 percent over revenues for the fiscal year 1987.
Income tax, the largest source of revenue, produced 32.7 percent of general governmental revenues compared
to 33.7 percent last year. The revenues from various sources and the changes from last year are shown in the
following tabulation (amounts expressed in thousands):
|
|
|
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Increase
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(Decrease)
|
|
|
|
Percent
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Over 1987
|
Actual
|
|
Revenue Source
|
Amount
|
of Total
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Amount
|
Percent
|
|
Income taxes
|
$2,676,213
|
32.7%
|
$191,521
|
7.7%
|
|
Retail sales and use taxes
|
1,423,585
|
17.4
|
121,122
|
9.3
|
|
Motor vehicle taxes and fees
|
948,408
|
11.6
|
153,462
|
19.3
|
|
Other taxes
|
823,790
|
10.0
|
72,709
|
9.7
|
|
Other licenses and fees
|
111,453
|
1.4
|
9,168
|
9.0
|
|
Charges for services
|
353,270
|
4.3
|
68,287
|
24.0
|
|
Interest and other investment income
|
90,036
|
1.1
|
24,600
|
37.6
|
|
Other
|
182,967
|
2.2
|
8,133
|
4.7
|
|
Gain on defeasance of transportation bonds
|
|
|
(39,543)
|
(100.0)
|
|
Federal revenue
|
1,578,753
|
19.3
|
89,585
|
6.1
|
|
Total
|
$8,188,475
|
100.0%
|
$699,044
|
9.3%
|
Of the total income tax revenue for fiscal year 1988, $2,417,860,000 was produced by the individual income
tax and $258,353,000 by the corporate income tax, representing increases of $171,094,000 and $20,427,000,
respectively, compared to the prior year. The increase in individual income tax revenues of 2.6 percent over the
prior year is attributable to population growth, and a higher personal income level for the State's taxpayers. The
increase in the corporate income tax revenues of 8.6 percent from the prior year is attributable to the
improvement in the national economy.
The retail sales and use taxes increased $121,122,000 or 9.3 percent over the previous year which is also
attributable to the improvement in the national economy.
The motor vehicle taxes and fees increased $153,462,000 or 19.3 percent over the previous year. The increase
was due to a rise in the motor vehicle fuels tax rate from 13% to 18% per gallon and an increase of
approximately 35 percent in motor vehicle registration fees.
Revenues from charges for services increased $68,287,000 or 24.0 percent over 1987. This increase resulted
primarily from revenues earned by the Department of Human Resources from local governments for their
participation in welfare assistance programs. These earnings were recorded as reductions of expenditures in
prior years.
Interest and other investment income increased $24,600,000 or 37.6 percent over the previous year which
resulted from an increase in the amounts available for investment during the year.
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