The state will collect $231 million more through the end of the next two year budget cycle than previously thought, according to this morning’s quarterly forecast of tax collections by the state’s Economic and Revenue Forecast Council.
The Legislature, now in its second special session, will use this forecast and this afternoon’s forecast of demand for state services to write a final operating budget for the next biennium, which begins July 1. This afternoon’s caseload forecast could provide an extra $90 million in anticipated savings, which would push the total impact of the two reports past $300 million.
You can find the new revenue forecast here and the Council press release here. It projects the state will collect $110 million more in the current biennium than previously believed and $121 million more for the 2013-15 biennium than previously projected.
Stronger improvement in the housing sector than previously anticipated is being credited for helping spur the uptick in revenue collections.