The State’s March revenue figures were released this week, showing mixed results and a continued trend of lower than expected revenue collection.
“March collections continued to reflect weaker than anticipated revenues from the corporate sector, while sales tax collections were stronger,” State Finance and Administration Commissioner Larry Martin said. “We believe the recent increase in retail spending is a reflection of renewed consumer confidence and indicates that the economy is slowly recovering. This growth is important in meeting current revenue projections on which the approved budget amendment was based.
“About a fourth of our corporate income taxes often – but not always – occur in the month of April. We will work with the legislature and others to manage the state’s spending and resources regardless of the economic climate, as the state has always done.”
On an accrual basis, March is the eighth month in the 2013-2014 fiscal year. Total tax collections in March were 2.10% above the previous year. The general fund was under collected by $4.1 million and the four other funds were over collected by $6.9 million.
Year-to-date collections show that the general fund has been under collected by $263.9 million, and that total collections are $257.0 million less than budgeted estimates.
These numbers should provide some context to the recently passed state budget.