State revenues still trailing estimates

Revenue collections for the first three quarters of the fiscal year are $263 million off the administration’s June projections, according to the Treasury Department.

To date, the administration has collected $16.082 billion, including $6.8 billion in income taxes.  In June, the administration projected revenue of $16.345 billion for the first three quarters of the fiscal year.

Collections in March were 1.1 percent off the June projections.

In February, the administration revised downward its earlier revenue projections.  Actual revenue came in $46.4 million below the revised estimate for the first three quarters.

“Key indicators such as employment and car sales have risen steadily during the last few months, helping boost sales tax, income tax and other revenue,” said Charles Steindel, chief economist for the Treasury Department. “March revenues were within 2.5 percent of the revised budget after a strong February with the overall trend continuing to favor economic growth.”

While revenue has so far failed to meet projections, the state’s take has risen steadily from the same period last year.  To date, revenue is up 3.6 percent over the first three quarters of the last fiscal year.

 

State revenues still trailing estimates