A report published last week by the Economic and Revenue Forecast Council indicates that tax collections for December are $19.3 million, or 1.7 percent, higher than the November forecast and cumulative tax collections are now $92.1 million, or 3.2 percent, greater than forecasted.
The revenue report cautions that a correction could be in order for next month’s report for a portion of that revenue. It cites a series of improving economic indicators, including declining initial claims for unemployment insurance and an improving housing sector.
The Council will issue the next quarterly forecast on March 20 and the Legislature will use that forecast to write the state’s 2013-15 operating budget.