Council hears that new individual income tax will drive a large FY29 revenue increase

During Q&A, the Council asked for fiscal-year breakouts and staff provided numbers that show a steep revenue increase in fiscal year 2029 driven by the expected individual income tax.

When asked for fiscal-year totals, Reich pointed to the packet and said: “so for '28, it was, 38,900,000,000, up about 0.8%. And for fiscal year '29, about 43,700,000,000, up 12.1%.” He also provided multi-year income-tax collection figures used in the RFC’s projections: “So for fiscal year 29, it was about 3,500,000,000. For fiscal year 30 about 5,000,000,000 and for fiscal year 31 4,400,000,000.”

Reich cautioned that November data could change these estimates as the RFC incorporates another year of federal tax data and updated caseload forecasts. The Council’s adoption authorizes use of these staff numbers for budget work pending the November forecast.