Legislative Budget Office of the Legislative Service Commission  
LBO BUDGET FOOTNOTES INFOGRAPHIC  
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Issue: April 2020  
Volume: Fiscal Year 2020  
In March, state tax revenues began to feel the effects of the economic slowdown due to the COVID-19 pandemic. Tax revenue was $159.4  
million under esꢀmate for the month. The year-to-date (YTD) variance stayed in posiꢀve territory, but fell to $89.5 million (0.5%).  
The sales and use tax, the largest GRF tax, had a negaꢀve variance of $68.0 million in March, decreasing its posiꢀve YTD variance to  
$
77.4 million (1.0%).  
The personal income tax came in $22.3 million below esꢀmate in March, increasing its negaꢀve YTD variance to $39.9 million (0.7%).  
A large ꢀming-related negaꢀve variance in the foreign insurance tax of $78.3 million for the month of March also contributed to the  
negaꢀve March variance. This variance in the foreign insurance tax more than offset a posiꢀve variance of $64.7 million for the month of  
February.  
YTD GRF Medicaid expenditures were $136.8 million (1.2%) above esꢀmate at the end of March. This posiꢀve variance was offset by a  
negaꢀve variance in non-GRF Medicaid expenditures of $161.7 million (1.7%). Medicaid caseloads increased by more than 14,000 in March.  
GRF spending for all other program categories, except for Medicaid and Other Educaꢀon, were under esꢀmate YTD. The largest negaꢀve  
variances were for Property Tax Reimbursements at $94.7 million (8.6%) and Higher Educaꢀon at $72.4 million (4.0%). Total program  
expenditures were $200.5 million (0.8%) under esꢀmate.  
GRF & Medicaid Variances – Actual vs. Estimate  
Tax revenue  
$159.4 million  
Federal grants  
Total GRF sources  
-
-$8.7 million  
-1.4%  
-$164.4 million  
-7.6%  
-
10.5%  
Program expenditures  
7.2 million  
Total GRF uses  
$
$11.7 million  
0.5%  
Month of March  
0
.3%  
GRF Medicaid  
36.3 million  
Non-GRF Medicaid  
All funds Medicaid  
$
$31.2 million  
2.2%  
$67.6 million  
2.8%  
3
.6%  
Tax revenue  
89.5 million  
Federal grants  
Total GRF sources  
$
$90.3 million  
1.2%  
$233.2 million  
0.9%  
0
.5%  
Program expenditures  
$200.5 million  
Total GRF uses  
-
-$202.4 million  
-0.8%  
YTD through March  
-
0.8%  
GRF Medicaid  
136.8 million  
Non-GRF Medicaid  
All funds Medicaid  
$
-$161.7 million  
-1.7%  
-$24.9 million  
-0.1%  
1
.2%