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Joint Fiscal: T Fund revenues modestly above forecast but buying power has declined
Summary
Joint Fiscal Office told the Senate Transportation Committee that fiscal 2024 transportation fund revenues finished slightly above forecast, driven by purchase-and-use taxes, but inflation has eroded purchasing power and long-term forecasts show flat to declining fuel-tax receipts.
Logan, a Joint Fiscal Office analyst, told the Senate Transportation Committee on Jan. 7 that fiscal 2024 transportation fund revenues closed modestly above expectations and that purchase-and-use receipts were a key driver.
"FY 24 close, T fund revenues exceeded forecast by about $3,600,000," Logan said, adding that the year ended with about $9,800,000 in balance that was rolled into the FY25 budget.
The report matters because the committee uses revenue forecasts to set appropriation levels and to evaluate longer-term funding options. Logan said the five-year projection shows only 1.44% total growth for the T Fund and cautioned that the fund’s purchasing power is lower than a decade ago when adjusted for inflation.
Logan walked committee members through revenue trends since 2013 and explained the difference between nominal collections and inflation-adjusted purchasing power. He said that while 2024 nominal collections were…
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