Budget Estimates Prove To Be Nearly Accurate For Second Month In A Row
State tax revenue came in very close to estimates in November. That’s the second month in a row that forecasts have nearly right on target.
Personal income tax revenue for November was up nearly $12 million, or 1.8 percent over estimates. And total tax revenue was up a half a point over the state budget office’s initial forecasts. For the year, the personal income tax has brought in 28 million more than estimates, and total tax revenue is running three tenths of a point over where forecasters thought it would be. At this time in the last fiscal year, income tax revenue was off nearly 5% and total tax revenue was $259 million less than predicted. forecasts for the last fiscal year were off for 11 of 12 months, creating a budget hole of nearly a billion dollars. State budget director Tim Keen had said he would revise his forecasts downward.