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General Fund-State (GFS) tax receipts in the February 11, 2008 – March 10, 2009 collection period fell short of the November forecast. Receipts for the month were $39.8 million (4.9 percent) lower than expected. Revenue Act receipts were $32.5 million (4.2 percent) below the forecast, and non-Revenue Act payments were $7.4 million (18.1 percent) below the forecast. The cumulative shortfall since the November forecast is now $239.8 million (5.2 percent). Revenue Act receipts were $51.8 million above the February “guidance” forecast due to the non-execution of $52.0 million in expected refunds, which were postponed until later in the fiscal year. Had the refunds occurred when expected, the guidance forecast of Revenue Act revenue would have been very close to the actual receipts.