OBM Monthly State Financial Report: July 2021
In light of all the financial uncertainty due to the COVID19 pandemic, and in an effort to communicate state information better to local governments, Office of Budget and Management Director Kim Murnieks wanted to create a partnership with local government groups to share state financial & budget information. As a result of some local government meetings they’ve had in recent years, Director Murnieks feels local governments are interested in learning more about state finances, and wants to have this information more readily available, instead of forcing interested individuals to navigate the OBM website for these details.
Below is a link to the most recent monthly financial report we were asked to share. CTAO and other state associations will be receiving these regularly from OBM as a result of this new partnership.
GDP Expansion Continues
GDP expanded in the second quarter of calendar year 2021 at an annualized rate of 6.5 percent. This increase, along with those in the previous four quarters, brings GDP above its pre-pandemic levels.
Non-Farm Payroll Jobs Increase by 943K
Nationally, nonfarm payroll increased by 943,000 jobs in July. Nationally, nonfarm payroll employment remains below February 2020 levels by 3.7 percent, or 5.7 million jobs.
Auto Sales Taxes Continue Above Estimate
July auto sales tax collections totaled $179.0 million and were $4.1 million (2.4%) above the estimate. The auto sales tax has now surpassed estimates for 14 consecutive months.
Personal Income Tax Collections Total $665.6M
July GRF personal income tax receipts totaled $665.6 million and were $14.0 million (2.2%) above the estimate.