Collections did not deviate far from the November revenue forecast, according to a monthly Economic and Revenue update released by the state Economic and Revenue Forecast Council.
The February report showed tax collections marginally higher than expected, up $5.2 million or 0.2 percent. Including the other monthly reports since the November forecast, tax collections are cumulatively up by $88.6 million or 1.1 percent. The additional growth came from increases in Revenue Act collections, such as sales, B&O and utility taxes, which were offset by underperforming property tax collections which returned lower than forecasted for the month.
The reality of a relatively flat February report suggests the next revenue forecast set to be released on March 20th may project small or stagnant growth in the budget outlook. Legislators will utilize that forecast to draft their budget proposals, before agreeing on a compromised final budget by Sine Die on April 23rd.