Revenues
The State's most significant sources of revenue are its 5% retail sales tax, its
individual income tax (2.5% to 7.0% tax rates) and Federal grants. The following
schedule summarizes revenues of the General and Special Revenue Funds for the
fiscal year ended June 30, 1996 (expressed in thousands) and the amounts (expressed
in thousands) and percentages of increases (decreases) in relation to prior year
revenues:
Revenues
1995-96
Interest and Other Investment Earnings are higher than the previous year
because more cash was available, and these monies were invested in long-term
higher-yielding investments.
The increase in Contributions is due to an increase in the amount of Medicaid
disproportionate share matching funds received from hospitals.
The increase in Other Revenues is attributable to an increase in the amount of
matching funds for Federal grants provided by organizations outside State
government and refunds of prior-year Medicaid program expenditures.