September 11–October 10 state revenue collections were $14.4 million above forecast

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.

Revenue-Act-Receipts

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.

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