U.S. ECONOMY BEATS EXPECTATIONS IN THE 2ND QUARTER
Benjamin L. Varner, Chief Economist

Real Gross Domestic Product (GDP) grew at an annualized rate of 2.8%, up from 1.4% in the first quarter and surpassing expert forecasts of around 2.0%. This growth was primarily driven by consumer spending, which rebounded after a relatively slow start to the year.

FY 2025 GENERAL FUNDS REVENUES OFF TO NICE START ON STRENGTH OF INDIVIDUAL INCOME TAX RECEIPTS IN JULY
Eric Noggle, Revenue Manager

Revenues deposited in the State’s General Funds started FY 2025 off nicely as July receipts were $387 million higher than July of FY 2024. This growth was mostly due to a significant increase in Personal Income Tax receipts, which grew $360 million on a gross basis, or $306 million on a net basis when accounting for distributions to the Income Tax Refund Fund and the Local Government Distributive Fund.