|
Of the total income tax revenue for fiscal year 1997, $3,736,096,000 was produced by the individual income tax
and $348,051,000 by the corporate income tax, representing an increase of $255,428,000 and $32,468,000,
respectively, compared to the prior year. The individual income taxes increased due to continued gains in
employment and personal income while corporate income tax revenues increased by 10.3%, reflecting strong gains
in total corporate profitability.
Revenues from the retail sales tax increased $93,578,000 or 4.7% over the previous year, a result of rising
employment and income in the State.
Interest on investments increased by $23,018,000 or 20.1% over the previous year, due to greater investable
balances and implementation of GASB Statement No. 31 which requires investments to be stated at fair value.
Federal revenue increased by $273,923,000 or 7.9% over the previous year due primarily because of growth in
the expenditures for transportation and medicaid programs that are reimbursed by the federal government.
Other revenue declined $51,181,000 or 27.9% from the previous year because of a reduction in the State's share
of proceeds from the disposition of unclaimed property. Also, in general, state agencies more appropriately
classified "other revenues" to "other licenses and fees" and "charges for services".
Changes in levels of expenditures for major functions from the previous year (excluding capital projects) are
shown in the following tabulation (amounts expressed in thousands):
|
|
|
|
Increase (D
|
ecrease)
|
|
|
|
Percent
|
Over 1996
|
Actual
|
|
Function
|
Amount
|
of Total
|
Amount
|
Percent
|
|
Current:
|
|
|
|
|
|
General government............................................................................
|
$ 382,424
|
3.0%
|
$(137,995)
|
(26.5)%
|
|
Education..............................................................................................
|
3,025,536
|
23.4
|
206,627
|
7.3
|
|
Business and economic development...............................................
|
41,026
|
0.3
|
(1,233)
|
(2.9)
|
|
Labor, licensing and regulation. ........................................................
|
141,523
|
1.1
|
(13,972)
|
(9.0)
|
|
Human resources .................................................................................
|
1,304,480
|
10.1
|
(39,881)
|
(3.0)
|
|
Health and mental hygiene.................................................................
|
3,323,439
|
25.8
|
96,361*
|
3.0
|
|
Environment..........................................................................................
|
64,722
|
0.5
|
(7,189)
|
(10.0)
|
|
Transportation.......................................................................................
|
860,986
|
6.7
|
1,778
|
0.2
|
|
Public safety and judicial ...................................................................
|
1,238,772
|
9.6
|
176,798
|
16.6
|
|
Housing and community development.............................................
|
80,390
|
0.6
|
13,297
|
19.8
|
|
Natural resources and recreation............... .................................... ...
|
125,269
|
1.0
|
1,588
|
1.3
|
|
Agriculture.............................................................................................
|
38,138
|
0.3
|
(4,872)
|
(11.3)
|
|
Intergovenmental....................................................................................
|
752,951
|
5.8
|
97,208
|
14.8
|
|
Debt service..............................................................................................
|
585,589
|
4.5
|
(16,410)
|
(2.7)
|
|
Capital outlays for transportation.........................................................
|
941,451
|
7.3
|
17,312
|
1.9
|
|
Total....................................................................................................
|
$12,906,696
|
100.0%
|
$ 389,417
|
3.1%
|
* After the reclassification of certain prior year expenditure amounts.
General government expenditures declined $137,995,000 or 26.5% from the previous year due to the
reclassification of Department of Juvenile Justice expenditures from general government to public safety and
judicial.
Education expenditures increased $206,627,000 or 7.3% from the previous year due to increased funding in aid
to education and the subcabinet fund for children, youth, and families.
Expenditures for labor, licensing, and regulation declined $13,972,000 or 9.0% from the previous year primarily
because of a decrease in federal funding for the division of employment and training.
Environment expenditures declined $7,189,000 or 10.0% from the previous year due to a decrease in federal
funded programs.
14
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