April 11 – May10 state revenue collections were $36.1 million above forecast

Late Monday afternoon the Economic and Revenue Forecast Council issued its monthly Economic and Revenue Update. Here are the key bullets on revenue from the summary:

  • Major General Fund-State revenue collections for the April 11 – May 10, 2014 collection period were $36.1 million (2.9%) higher than the February forecast.
  • Cumulatively, collections are now $61.8 million (1.9%) higher than forecasted.
  • Since the February forecast, there have been $37.9 million in one-time assessment payments that were not included in the forecast. Without these payments, cumulative collections would have been only $23.9 million (0.7%) higher than forecasted.

Of this month’s $36.1 million positive variance, $17.2 million was due to two unforeseen one-time assessment payments. An additional $9.6 million came from early payment of property taxes. Factoring out the one-time assessments and early property tax payments, the forecast is essentially on track.