Tax collections tick slightly down

Economic and Revenue Forecast Council (ERFC) released its monthly collections report which showed that state tax revenue came in slightly lower than expected in the September revenue forecast, with revenue between October 11th through November 10th down $55.6 million or 2.2 percent. Combined with the October collections report, collections are cumulatively down $41.7 million or a percent from what was forecasted in September

The decrease was due in part to lower than anticipated property tax collections, which were down $15.3 million or 18.7 percent. A decrease was also experienced in Revenue Act collections – sales, business and occupation, and utility taxes – which came in $26.1 million or 1.3 percent lower than forecasted.

This collections report comes just before the next revenue forecast is set to be released on Monday, November 20th. The forecast will help inform the governor’s budget for the 2024 supplemental budget, set to be released next month ahead of the Legislature which convenes in January.