This 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 October 11 – November 10, 2014 collection period were $53.7 million (4.1%) higher than the September forecast. $50.0 million of the surplus came from Revenue Act collections.
- Cumulatively, collections are now $68.1 million (2.7%) above the forecast.
Here is a chart snipped from the Update showing monthly Revenue Act collections since 2004.
The ERFC will meet an week from Friday (November 19) to adopt a new forecast. With this month’s good news on collections, I expect to see another upward revision.