Senate budget brief : a summary of budget news and actions, 02/28/2013

              Senate Appropriations Committee
February 28, 2013
Senate Budget Brief
A Summary of Budget News and Actions
Leaders React to Final Revenue Figures
The State Board of Equalization has provided the Legislature with the final amounts available for the FY 2014 Budget. Senate President Pro Tempore Bingman and Chairman Jolley
react.
Page 2
Percent Change
Corporate Income Tax
+50.2%
Individual Income Tax
+ 7.8%
Sales Tax
+ 5.5%
Use Tax
+ 9.3%
Motor Vehicle Collections
SENATE APPROPRIATIONS COMMITTEE
Senator Clark Jolley, Chair
Senator Ron Justice, Vice Chair
State Board of Equalization Issues Final Certification
The Legislature will have an additional $212.6 million to work with when the fiscal year 2014 budget is written. The State Board of Equalization announced the final certification at their February 19 meeting at the State Capitol, approving $7.04 billion for appropriation in the FY’14 budget.
Compared to last year, the biggest increase was in the category of income tax collections, while there were significant decreases in gross production tax collections from FY’13 compared to FY’14. Below are the top revenue categories and changes in dollars.
Continued on Page 4
$-
$500,000,000
$1,000,000,000
$1,500,000,000
$2,000,000,000
$2,500,000,000
FY2013
FY2014
- 5.9%
Gross Production - Oil
-36.1%
Gross Production - Gas
-19.9%