The IML has revenue estimates for August of 2009. Actual receipts in the first four months of FY2010 have dropped dramatically and our April estimates must be reduced significantly.

Actual state income tax receipts in the first four months of FY2010 have declined by 18.8%. Our previous estimate of $88.30 assumed only a 3.1% decline. We have reduced that estimate to $77.00, or 15.5% lower than in FY2009.

Motor Fuel Tax receipts in the first four months of FY2010 have declined by 4.8%. Our previous estimate of $26.80 assumed 1.8% growth for the year. We have reduced our FY2010 estimate to $25.60, or 2.8% lower than in FY2009.

Actual State Use Tax receipts in the first four months of FY2010 have declined by 12.2%. Our previous estimate of $14.50 assumed 0.4% growth. We have reduced that estimate to $12.70, or 12.0% lower than in FY2009.

Our April FY2010 Corporate Personal Property Replacement Tax estimate of $1.1 billion, or 21.3% lower than in FY2009, has not changed.

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