STATE OF FLORIDA DEPARTMENT OF REVENUE REVENUE COLLECTION REPORT July 2018 Leon Biegalski www.floridarevenue.com Office of Tax Research Executive Director August 29, 2018 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 above the estimate in July 2018 by $43.6m (1.73%) and over the July 2017 collections by $189.3m (7.96%). The estimates are based on the February 9, 2018 General Revenue Estimating Conference (GR) (page 3). CORPORATE INCOME TAX CIT collections of $93.4m in July 2018 were above the estimates by $45.5m (95%) and above the July 2017 collections by $29.9m (47.17%). The estimates are based on the February 9, 2018 GR conference (page 4). DOCUMENTARY STAMP TAX Documentary Stamp Tax collections of $252.7m were greater than the estimate in July 2018 by $0.8m (0.3%) and above the July 2017 collections by $36.9m (17.09%). The estimates are based on the February 9, 2018 GR conference (page 5). July Tax Collections - Summary Data $3,000 Current vs. Prior Year Tax $m. test $3,000 Current Tax Collections vs. Estimate $m. $2,500 2,566.6 2,377.3 $2,500 2,566.6 2,523.0 $2,000 $2,000 $1,500 $1,500 $1,000 847.4 807.0 $1,000 847.4 841.8 $500 $500 93.4 63.5 93.4 47.9 $0 Sales Tax Corporate Income Tax Other DOR Taxes $0 Sales Tax Corporate Income Tax Other DOR Taxes Jul-18 June-17 Actual Estimate
Department of Revenue Total DOR Revenue Collections July-18 ($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 2,566.60 2,522.96 43.64 1.73% 189.70 2. Communications Services Tax 139.38 144.67-5.29-3.65% -0.96 3. Corp Income and Excise Tax 93.39 47.90 45.49 94.96% 29.94 4. Documentary Stamp 252.66 251.90 0.76 0.30% 41.80 5. Insurance Premium 1.00 0.90 0.10 11.16% -0.85 6. Non-Recurring Intangible 35.42 39.50-4.08-10.33% 3.15 7. Severance-Oil & Gas 0.27 0.09 0.18 195.24% 0.14 8. Severance-Solid Mineral 1.05 0.40 0.65 161.84% 0.47 9. Audit Clearing Account 5.96 0.00 5.96 -- 5.96 10. Warrant Clearing Account 0.00 0.00 0.00 -- 0.00 11. GR Sources - Refunds 0.00-19.39 19.39 100.00% 9.96 Subtotal: General Revenue Sources (*) 3,095.72 2,988.93 106.79 3.57% 279.29 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 0.08 0.00 0.08 -- 0.01 13. Tax on Fuel 319.65 309.33 10.32 3.34% 13.60 14. Pollutant Tax 22.35 17.69 4.67 26.38% 1.38 15. 2.5% Gross Receipt Utility 53.44 57.45-4.01-6.98% -2.51 16. Solid Waste Return Taxes 18.21 18.20 0.01 0.04% 0.01 17. Warranty Fee (Lemon Law) 0.22 0.22 0.00-1.71% 0.00 18. Prepaid Wireless E-911 2.00 -- 2.00 -- 0.00 19. Miscellaneous 1.71 1.46 0.25 17.18% -0.45 20. Other Sources - Refunds 0.00-1.71 1.71 100.00% -3.35 Subtotal: Other Tax Sources 417.67 402.63 15.03 3.73% 8.69 Additional Deposits Notes: 21. Clerk of Court - DOR Trust Fund 39.46 (*) Represents all DOR administered taxes that are wholly or partially 22. Unemployment Compensation 83.78 earmarked for the General Revenue fund excluding service charges. 23. DOR Deposits for Other Agencies 505.09 (1) Estimates are February 2018 REC figures adjusted to exclude net 24. DOR Child Support Payment Deposits 1.08 receipts from prior period tax. Subtotal: Additional Deposits 629.41 (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 4,142.80 official accounting records due to lags and adjustments in the Refunds included in above 0.00 accounting process. GROSS DEPOSITS 4,142.80
$m % - Percentage SALES TAX Analysis of June collections by category COLLECTIONS IN July 2018 of $2,566.6m were $43.6m (1.73%) above the estimate. The July 2018 Sales and Use Tax collections were $189.3m (7.96%) above the July 2017 Sales and Use Tax collections (see Graph on page 1). The estimates are based on the February 9, 2018 GR conference. Four categories were below the estimates in June 2018, with Consumer Nondurables 7.9% below, Tourism and Rec. 2.5% below, and Autorelated & Consumer Non-Durables at 0.8% below. Business Investment was 8.8% above the estimate and Other Consumer Durables at 0.3%. Compared to June 2017, all categories were above the same month collections last year. The estimates are based on the February 9, 2018 GR conference. Note: June 2018 sales tax collections by categories reflect May 2018 activity. Sales Tax Over(Under) by Category 46.00 36.00 26.00 16.00 6.00-4.00-14.00-24.00-34.00-44.00 Consumer Non- Durables Tourism & Recreation Auto-Related Other Consumer Durables Construction Business Investment 16.7 13.7 10.7 7.7 4.7 1.7-1.3-4.3-7.3-10.3-13.3-16.3 June 2018 Note: Because sales tax by category is not immediately available this chart applies to the previous month's collections. Jun-18 Act. v. Est % Diff currret vs prior (%) Actual ($m) Estimate ($m) Diff % Diff % Diff vs prior Year Consumer Non-Durables 620.3 625.4 (5.1) (0.8) 4.8 Tourism & Recreation 465.3 477.2 (11.9) (2.5) 10.2 Auto-Related 392.9 396.2 (3.3) (0.8) 3.0 Other Consumer Durables 138.7 138.3 0.4 0.3 8.0 Construction 138.6 150.6 (12.0) (7.9) 5.7 Business Investment 461.5 424.1 37.4 8.8 15.0 Total Final Liability 2,217.2 2,211.8 5.4 0.2 7.8 Net Estimated Payments (19.5) 16.4 (35.9) (219.1) STATE SALES TAX 2,197.7 2,228.2 (30.5) (1.4) 4.5 Local Option Taxes 241.2 253.9 (12.7) (5.0) 3.6 2.6% Gross Receipt Utility Tax 29.6 31.1 (1.5) (4.8) TOTAL SALES TAX 2,566.6 2,513.2 53.4 2.1 9.9 Note: Because sales tax by category is not immediately available, this table applies to the previous month
CORPORATE INCOME TAX. CIT collections of $93.4m in July 2018 were above the estimates by $45.5m (95%) and above the July 2017 collections by $29.9m (47.17%). The estimates are based on the February 9, 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 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 63.5 37.7 314.4 98.1 60.4 334.4 140.4 76.8 123.9 432.6 221.6 523.2 47.9 27.0 390.3 137.5 35.4 404.9 89.9 32.4 182.9 383.6 191.3 453.1 93.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
OTHER DOR TAXES excluding Sales Tax and Corporate Income Tax, other taxes contributed $847.4m to DOR tax collections in July 2018, which were $5.6m (0.7%) above the estimate. The July 2018 collections were $40.4m (5.01%) above the same month previous year's collections. The Doc Stamp Collections in July 2018 were $0.8m (0.3%) above the estimate. Compared to July 2017 collections on Doc Stamp Taxes, the July 2018 collections were $36.9m (17.1%) above. The collections of the Communications Services Tax in July were below the estimate by $5.3m (-3.7%). Compared to July 2017 collections on Communication Services Tax, the July 2018 collections were $5.6m (4.2%) above. The collections of Insurance Premium Tax in July were above the estimate by $0.1m (11.2%). Compared to July 2017 collections on Insurance Premium Taxes, the July 2018 collections were $0.8m (-45.8%) below. The collections of Fuel-related Taxes & Fees in July were above the estimate by $15m (4.6%). The non-recurring Intangible Tax collections were $4.1m (-10.3%) below. Sales, Corporate & Other DOR Taxes $m. July 2018 Other DOR Taxes ($m.) July 2018 252.7 Other DOR Taxes; 847.4; 24% Corporate Income Tax; 93.4; 3% 139.4 1.0 1.3 53.4 35.4 22.2 Sales Tax; 2,566.6; 73% 342.0 Fuel-related Insur Prem Communications Doc stamp Severance Gross Receipts Non-Rec. Int. Various Other DOR Taxes July 2018 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 February 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 2,566.6 2,523.0 2,377.3 2,267.6 2,134.8 1,500 1,700 1,900 2,100 2,300 2,500 2,700
Corporate Tax Collections 450 400 350 300 250 200 150 100 50 0 Corporate Income Tax Receipts 93.39 47.90 63.45 46.03 60.56 0 10 20 30 40 50 60 70 80 90 100
Doc Stamps Tax Collections 280 260 240 220 200 180 160 140 120 Doc Stamps Tax Receipts 252.7 251.9 215.8 200.0 207.2 0 50 100 150 200 250 300
Non-Recurring Intangible Tax Collections 45 40 35 30 25 20 Non-Recurring Intangible Tax Receipts 35.4 39.5 32.3 31.4 31.1 15 20 25 30 35 40 45
Insurance Premium Tax Collections 200 180 160 140 120 100 80 60 40 20 0 Insurance Premium Tax Receipts 1.0 0.9 1.8 0.6 2.1 0.0 0.5 1.0 1.5 2.0 2.5
Communication Services Tax Collections 190 185 180 175 170 165 160 155 150 145 140 135 130 Communication Services Tax Receipts 139.38 144.67 133.74 134.95 130.0 132.0 134.0 136.0 138.0 140.0 142.0 144.0 146.0
2.5% Gross Receipts Tax Collections 65 60 55 50 45 40 35 2.5% Gross Receipts Tax Receipts 53.4 57.5 55.7 52.3 57.4 FY 14-15 55.1 20.0 25.0 30.0 35.0 40.0 45.0 50.0 55.0 60.0
Fuel Tax Collections 370 360 350 340 330 320 310 300 290 280 270 Fuel Tax Receipts 319.7 309.3 309.3 306.0 290.6 275.0 280.0 285.0 290.0 295.0 300.0 305.0 310.0 315.0 320.0 325.0
Severance Tax Collections 12 10 8 6 4 2 0 Severance Tax Receipts 1.3 0.5 0.7 0.4 1.1 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4