Yesterday 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 August 11 – September 10, 2014 collection period were $25.8 million (2.2%) higher than the June forecast.
- Cumulatively, collections are now $115.1 million (3.1%) higher than forecasted.
This is the third positive collections report since the ERFC last revised its forecast of state revenues at its June 17 meeting.
The ERFC will issue an updated forecast on September 16. With the $115.1 million cumulative positive variance over the last three months, it is almost certain that the ERFC will revise its forecasts upward. I expect them to add $200 to $250 million to the forecast for current (2013-15) biennium and a somewhat smaller number to the forecast for the upcoming (2015-17) biennium.