Report: GovGuam revenue collections leveled-off in May
The latest Consolidated Revenue and Expenditure Report for May shows collections tracking at more than $85 million over adopted projections, or 12.13 percent higher than expected. But that's actually a $2 million dropoff from April, when revenues were tracking at more than $87 million higher. We should note though that April, is when income taxes are due, and is typically one of the best revenue months for the public sector.
Comparing the last two months, total income tax collections in April were tracking $47.9 million higher than projected. In May they were tracking $7 million less at $40.5 million. April's Individual income taxes were tracking $35.7 million more than expected, but that dipped to $28.1 million in May.
Corporate income tax revenue edged higher though, from $2.8 million in April to $3.3 million in May. Withholding tax revenue was tracking $9.3 million higher in April, but dipped slightly to $9.1 million in May.
Finally, Gross Receipts Tax saw a nice boost with collections going from $41.2 million more than expected in April to $47.1 million in May. Overall, with four months to go in the fiscal year ending Sept. 30, GovGuam is still projecting a healthy surplus, or as the budget bureau prefers, revenues in excess of adopted projections.
The full-year revenue projection was $706,866,000, but they're tracking to end the year at $792, 574,000, or $85,708,000 more than expected.