The reserve account, which contained $45 million at the beginning of the year, allows the state to pay tax refunds without touching its general revenue account. The state used $18.6 million of the account in April and the remaining $26.4 million in May.
Without it, May collections would have been $52.2 million below estimates, and year-to-date collections would have fallen $66.2 million behind projections.
Muchow said estimates are down because of contractions in the coal industry and low natural gas prices. Because of those factors, severance tax collections are down $37.62 million year-to-date.
Personal income tax collections were $20.5 million below estimates in May, due to sluggish wage and employment growth, as well as fewer high-paying jobs in the coal mining industry, Muchow said.
Year-to-date income tax collections are $43.7 million above estimates, at $1.59 billion, however.
Other Top Headlines