STATE OF FLORIDA DEPARTMENT OF REVENUE REVENUE COLLECTION REPORT February 2019 Jim Zingale www.floridarevenue.com Office of Tax Research Executive Director March 27, 2019 This report does not include General Revenue sources collected by other state agencies. Those data can be obtained from the Legislative Office of Economic and Demographic Research website at http://www.edr.state.fl.us/content/revenues/index.cfm INSIDE.. Collection Tables... 2 Sales Tax by Category...3 Corporate Tax.4 Other Taxes.5 Historical Graph - Sales Tax..7 Corporate Income Tax..8 Documentary Stamps 9 Non-Recurring Intangible..10 Insurance Premium.11 Communications Svsc Tax...12 Gross Receipt Tax...13 Fuel-related Taxes & Fees. 14 Severance Taxes. 15 SALES AND USE TAX Sales and Use Tax collections were below the estimate in February 2019 by $13.1m (-0.5%) and above the February 2018 collections by $144.3m (5.9%). The estimates are based on the December 18, 2018 General Revenue Estimating Conference (GR) (page 3). CORPORATE INCOME TAX CIT collections of $60.8m in February 2019 were above the estimate by $9.4m (18.2%) and under the February 2018 collections by $16m (-20.8%). The estimates are based on the December 18, 2018 GR conference (page 4). DOCUMENTARY STAMP TAX Documentary Stamp Tax collections of $173.8m were less than the estimate in February 2019 by $13.4m (-7.1%) and below the February 2018 collections by $0.3m (-0.2%). The estimates are based on the December 18, 2018 GR conference (page 5). February Tax Collections - Summary Data $3,000 Current vs. Prior Year Tax $m. test $3,000 Current Tax Collections vs. Estimate $m. 2,589.7 2,589.7 2,602.8 $2,500 2,445.4 $2,500 $2,000 $2,000 $1,500 $1,500 $1,000 938.2 910.1 $1,000 938.2 908.3 $500 $500 60.8 76.8 60.8 51.4 $0 Sales Tax Corporate Income Tax Other DOR Taxes $0 Sales Tax Corporate Income Tax Other DOR Taxes Feb-19 Feb-18 Actual Estimate
Department of Revenue Total DOR Revenue Collections February-19 ($m) General Revenue Sources (*) Actual Deposits Estimated Deposits Amount over/(under) Estimate (1) Percent over/(under) Estimate Year-to-Date over/(under) Estimate 1. Sales and Use Tax 2,589.69 2,602.80-13.12-0.50% 26.66 2. Communications Services Tax 137.65 139.10-1.45-1.04% -27.53 3. Corp Income and Excise Tax 60.78 51.40 9.38 18.25% 117.63 4. Documentary Stamp 173.78 187.13-13.35-7.14% 15.33 5. Insurance Premium 171.19 138.20 32.99 23.87% 30.82 6. Non-Recurring Intangible 24.85 25.80-0.95-3.66% 0.19 7. Severance-Oil & Gas 0.17 0.30-0.13-44.79% -0.43 8. Severance-Solid Mineral 0.00 0.00 0.00 -- 0.55 9. Audit Clearing Account 5.87 7.00-1.13-16.19% 22.34 10. Warrant Clearing Account 0.00 0.00 0.00 -- 0.00 11. GR Sources - Refunds -22.29-52.80 30.51 57.79% 32.82 Subtotal: General Revenue Sources (*) 3,141.68 3,098.93 42.75 1.38% 218.39 This report does not include GR sources collected by other state agencies. Those data can be obtained from the Legislative Office of Economic and Demographic Research website at http://edr.state.fl.us/content/revenues/index.cfm Other Tax Sources 12. Governmental Leasehold 0.18 0.00 0.18 -- -0.34 13. Tax on Fuel 335.14 325.22 9.92 3.05% 27.60 14. Pollutant Tax 23.08 20.64 2.43 11.77% 15.17 15. 2.5% Gross Receipt Utility 48.63 50.03-1.40-2.79% 39.06 16. Solid Waste Return Taxes 20.49 20.26 0.23 1.15% -0.52 17. Warranty Fee (Lemon Law) 0.24 0.23 0.01 4.43% 0.00 18. Prepaid Wireless E-911 1.99 -- 1.99 -- 0.00 19. Miscellaneous 0.79 1.35-0.56-41.57% -5.28 20. Other Sources - Refunds -1.62-1.40-0.22-15.94% -2.62 Subtotal: Other Tax Sources 428.92 416.33 12.58 3.02% 73.06 Additional Deposits Notes: 21. Clerk of Court - DOR Trust Fund 38.72 (*) Represents all DOR administered taxes that are wholly or partially 22. Unemployment Compensation 8.31 earmarked for the General Revenue fund excluding service charges. 23. DOR Deposits for Other Agencies 498.94 (1) Estimates are February 2018 REC figures adjusted to exclude net 24. DOR Child Support Payment Deposits 1.48 receipts from prior period tax. Subtotal: Additional Deposits 547.45 (2) All lines include applicable local option taxes administered by DOR. (3) This data represents bank deposits by DOR for the month indicated. GRAND TOTAL - ALL DOR DEPOSITS Deposit totals do not necessarily match totals in the Comptroller's NET DEPOSITS 4,118.05 official accounting records due to lags and adjustments in the Refunds included in above 23.91 accounting process. GROSS DEPOSITS 4,141.96
$m % - Percentage SALES TAX Analysis of January collections by category COLLECTIONS IN February 2019 of $2,589.6m were $-13.1m (-0.5%) below the estimate. The February 2019 Sales and Use Tax collections were $144.3m (5.9%) above the February 2018 Sales and Use Tax collections (see Graph on page 1). The estimates are based on the December 18, 2018 GR conference. Five categories were below the estimates in January 2019, with Other Consumer Durables (-8.1%) below, Consumer Non-Durables (-4.5%) below, Construction (-3.8%) below, Business Investment (- 0.7%) below, and Tourism & Rec. (-0.4%) below. Auto-Related was (1%) above. Compared to January 2018, five categories were above the same month collections last year, Business Investment being the strongest at 8.4% above, while Other Consumer Durables was the weakest at (5.4%).The estimates are based on the December 18, 2018 GR. Note: January 2019 sales tax collections by categories reflect December 2019 activity. Sales Tax Over(Under) by Category 50.00 40.00 30.00 20.00 10.00 0.00-10.00-20.00-30.00 10.0 5.0 0.0-5.0-40.00-50.00 Consumer Non- Durables Tourism & Rec. Auto-Related Other Consumer Durables Construction Business Investment -10.0 January 2019 Note: Because sales tax by category is not immediately available this chart applies to the previous month's collections. Jan-18 Act. v. Est % Diff current vs prior (%) Actual ($m) Estimate ($m) Diff % Diff % Diff vs prior Year Consumer Non-Durables 887.7 929.9 (42.2) (4.5) 0.1 Tourism & Recreation 553.4 555.8 (2.4) (0.4) 4.8 Auto-Related 415.7 411.5 4.2 1.0 0.8 Other Consumer Durables 166.0 180.6 (14.6) (8.1) (5.4) Construction 142.2 147.8 (5.6) (3.8) 2.6 Business Investment 487.9 491.4 (3.5) (0.7) 8.4 Total Final Liability 2,652.8 2,717.0 (64.2) (2.4) 2.3 Net Estimated Payments 35.3 (42.3) 77.6 (183.6) STATE SALES TAX 2,688.1 2,674.7 13.4 0.5 4.7 Local Option Taxes 296.6 292.6 4.0 1.4 5.8 2.6% Gross Receipt Utility Tax 29.6 31.1 (1.5) (4.8) TOTAL SALES TAX 2,970.8 2,998.4 (27.6) (0.9) 4.3 Note: Because sales tax by category is not immediately available, this table applies to the previous month
CORPORATE INCOME TAX. COLLECTIONS of $60.8m in February 2019 were above the estimate by $9.4m (18.2%) and under the February 2018 collections by $16m (-20.8%). The estimates are based on the December 18, 2018 GR conference (page 4). CIT Collections YTD Receipts as % of EST 110% 90% 70% 50% 30% 10% -10% Corporate Income Tax Three-year Comparison 600 500 400 300 200 100 0 FY 14-15 60.2 33.5 375.5 79.1 39.9 393.3 76.0 49.1 332.2 326.0 51.1 420.8 60.56 34.43 368.89 67.97 28.02 368.55 64.01 52.33 375.67 316.19 94.86 441.56 46.0 26.6 438.4 67.3 36.5 413.6 118.4 35.1 197.8 342.5 221.5 433.2 93.4 60.8 472.4 138.5 65.6 403.9 78.7 51.4 152.6 418.9 195.1 492.2 93.4 60.8 472.4 138.5 65.6 454.2 131.2 60.8 0.0 0.0 0.0 0.0 FY 14-15
OTHER DOR TAXES excluding Sales Tax and Corporate Income Tax, other taxes contributed $938.2m to DOR tax collections in February 2019, which were $29.9m (3.3%) above the estimate. The February 2019 collections were $28.1m (3.1%) above the same month previous year's collections. The Doc Stamp Collections in February 2019 were $13.4m (-7.1%) below the estimate. Compared to February 2018 collections on Doc Stamp Taxes, the February 2019 collections were $0.3m (-0.2%) below The collections of the Communications Services Tax in February were below the estimate by $1.4m (-1%). Compared to February 2018 collections on Communication Services Tax, the February 2019 collections were $8.4m (-5.7%) below. The collections of Insurance Premium Tax in February were above the estimate by $33m (23.9%). Compared to February 2018 collections on Insurance Premium Taxes, the February 2019 collections were $25.5m (17.5%) above. The collections of Fuel-related Taxes & Fees in February were above the estimate by $12.3m (3.6%). The non-recurring Intangible Tax collections were $0.9m (-3.7%) below. Sales, Corporate & Other DOR Taxes $m. February 2019 Other DOR Taxes ($m.) February 2019 Other DOR Taxes; 938.2; 26% Corporate Income Tax; 60.8; 2% 171.2 137.7 173.8 0.2 48.6 24.9 23.7 Sales Tax; 2,589.7; 72% 358.2 Fuel-related Insur Prem Communications Doc stamp Severance Gross Receipts Non-Rec. Int. Various Other DOR Taxes February 2019 Actual Estimate Prior Year 380 340 300 260 220 180 140 100 60 20 (20)
HISTORICAL COMPARISON GRAPHS Pages 7-16 contain graphs for individual tax sources comparing the current fiscal year's actual and projected collections and collections for the three most recent fiscal years. The upper panel on each page presents monthly collections. The lower panel compares actual and expected collections on a fiscal year basis. In the lower panel, the bars prefaced by 'ACT' depict actual collections through the current month of each respective year. The bar prefaced by 'EST' shows that cumulation of the current year's DOR estimate through the current month. DOR's estimates are derived from estimates produced by the REC in December 2018. These estimates are adjusted to make them compatible with DOR's cash collection figures.
Sales Tax Collections 3,100 2,900 2,700 2,500 2,300 2,100 1,900 1,700 Sales & Use Tax Receipts 20,432.9 20,412.6 19,254.2 18,105.2 17,204.7 15,100 16,100 17,100 18,100 19,100 20,100 21,100
Corporate Tax Collections 550 500 450 400 350 300 250 200 150 100 50 0 Corporate Income Tax Receipts 1,476.83 1,364.68 1,125.58 1,181.91 1,044.76 400 600 800 1,000 1,200 1,400 1,600
Doc Stamps Tax Collections 280 260 240 220 200 180 160 140 120 Doc Stamps Tax Receipts 1,746.8 1,750.6 1,613.9 1,594.2 1,512.6 1,350 1,400 1,450 1,500 1,550 1,600 1,650 1,700 1,750 1,800
Non-Recurring Intangible Tax Collections 38 36 34 32 30 28 26 24 22 20 Non-Recurring Intangible Tax Receipts 251.8 251.6 242.3 249.4 220.2 30 80 130 180 230 280
Insurance Premium Tax Collections 200 180 160 140 120 100 80 60 40 20 0 Insurance Premium Tax Receipts 368.3 336.7 347.4 290.3 283.1 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0
Communication Services Tax Collections 190 185 180 175 170 165 160 155 150 145 140 135 130 Communication Services Tax Receipts 1,113.07 1,132.16 1,180.03 1,091.67 130.0 330.0 530.0 730.0 930.0 1,130.0 1,330.0
2.5% Gross Receipts Tax Collections 65 60 55 50 45 40 35 2.5% Gross Receipts Tax Receipts 448.1 447.9 448.0 425.4 443.6 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 450.0 500.0
Fuel Tax Collections 370 360 350 340 330 320 310 300 290 280 270 Fuel Tax Receipts 2,609.8 2,597.4 2,525.4 2,458.8 2,370.3 2,250.0 2,300.0 2,350.0 2,400.0 2,450.0 2,500.0 2,550.0 2,600.0 2,650.0
Severance Tax Collections 12 10 8 6 4 2 0 Severance Tax Receipts 19.0 18.9 16.8 16.5 16.9 15.0 15.5 16.0 16.5 17.0 17.5 18.0 18.5 19.0 19.5