The Economic and Revenue Forecast Council issued its monthly Economic and Revenue Update today. Here are the key bullets on revenue from the summary:
- Major General Fund-State revenue collections for the December 11, 2013 – January 10, 2014 collection period were $8.8 million (0.7%) lower than the November forecast.
- Cumulatively, collections are now $4.8 million (0.2%) lower than forecasted.
Last month’s collections were a bit over the forecast; this month’s collections are two bits under. However, this month the state paid a $5.7 million refund that was not anticipated in the forecast. Without that refund, revenues for the two months combined would have been $0.9 million above forecast.
The next report on collections is due on February 11. A new state revenue forecast will be issued on February 19.