Budget writers got one small bit of good financial information Tuesday, but it won't be enough to alter the trajectory of ongoing budget talks at the Legislature. The Economic and Revenue Forecast Council reported that revenue collections over the past month were up $13.9 million above levels predicted by the council’s February forecast.
The gains were in what the council calls non-Revenue Act receipts – most of which resulted from “higher-than-expected transfers of unclaimed property” into the general fund. There also was $2 million more real-estate excise tax collected than the forecast indicated for the Feb. 11 to March 10 period.
Revenue Act receipts – those including sales and business taxes – were actually down by $700,00 from what the forecast would have predicted. That category of tax receipts represented a 5.5 percent increase over year-ago levels, which reflects the state’s ongoing economic growth.
Go here to read the report.
The Legislature’s 60-day regular session is scheduled to end Thursday, and passage of a supplemental budget might be the largest move lawmakers make this year. Talks were continuing Tuesday to bridge differences between the House Democrats’ and Senate Republicans’ conflicting priorities, and their division over whether to increase revenues by closing tax exemptions.