In its January monthly update, the state Economic and Revenue Forecast Council announced last week that tax collections from the months of December and January came in $62.2 million or one percent above what was forecasted in November.
For the month of January, collections decreased by 4.1 percent or $99.1 million due to lower than anticipated property tax payments, which follows a spike of such payments from the prior month. Collections would have increased $17.9 million or 0.7 percent higher than forecasted if not for property tax payments.
The next revenue forecast will be released on February 14th, informing the supplemental budget proposals for Senate and House budget writers. With flat collections reports from December and January, a windfall is not expected from the Valentine’s Day revenue forecast.