However, the positive variance was due to a $20.7 million one-time assessment payment. Without this unanticipated payment, collections would have been $8.2 million below forecast. This news comes from the Economic and Revenue Forecast Council’s monthly Economic and Revenue Update, which was issued today. Here are the key bullets on revenue from the summary:
- Major General Fund-State revenue collections for the March 11 – April 10, 2014 collection period were $12.5 million (1.2%) higher than the February forecast.
- Cumulatively, collections are now $25.7 million (1.3%) higher than the February forecast.
During the current collection period, there was a one-time assessment payment of $20.7 million that was not included in the forecast.
- Without this payment, cumulative collections would have been $5.0 million (0.2%) higher than the forecast.
This is the second report on collections since the new state revenue forecast was issued on February 19. So far, so good.