Net general fund revenues totaled $2.735 billion in November and December, $1.5 million (0.06 percent) less than forecast. A shortfall in net sales tax receipts was almost completely offset by positive variances in the individual income tax, the corporate tax, and other taxes.

General fund tax receipts during November and December were about 2.5 percent below last year’s level.

Gross sales tax receipts were $25 million (3.7 percent) less than forecast. Since most businesses remit sales taxes in the month after the purchase was actually made, this estimate reflects only the November portion of the Christmas shopping season.

Withholding tax receipts were $19 million above forecast and fourth quarter individual estimated payments $16 million less than forecast. But, since fourth quarter estimated payments are not due until Jan. 15, that variance may be reflecting only timing differences in the receipt of revenues and not be meaningful. An $18 million positive variance in statewide property tax receipts more than offset a $12 million drop in tobacco settlement revenues.