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Tax Collections Top Expectations
State general revenue came in higher than predicted in December.
The Legislature’s Office of Economic & Demographic Research this week said net general revenue in December totaled $4.225 billion, which was $351.5 million more than projected in an August forecast.
State economists in January updated the revenue forecast.
The December collections were also $56.5 million more than what was built into that January forecast.
The difference was attributed to earnings on investment coming in $48.2 million higher than expected and sales taxes up $8.3 million over the revised forecast.
General revenue collections are closely watched because they play a key role in funding education, health-care and prison programs.
The January forecast increased general-revenue projections by about $2.18 billion for the current fiscal year and next year.
Lawmakers in the coming weeks will use those projections in negotiating a budget for the 2024-2025 fiscal year, which will start July 1.
