The August revenue report released by the state Tuesday saw a 13-month growth streak end. Payroll withholdings, the largest component of the individual income tax collected by the state, were essentially the same as last year.
That breaks a 13-month streak of at least two percent growth. As a result, total individual income tax revenues were up only about six and a half percent from a year ago, compared to more than 15 percent growth last month.
State budget director Adam Horst warns that current projections predict lower growth in the national economy in the coming months, which could significantly hurt state revenues. Still, the state’s total revenues are ahead of its most recent budget projection, nearly 36 million dollars more in the first two months of the new fiscal year.