The sky isn't falling, but House Ways and Means chairman Ross Hunter said it is "concerning" that today's monthly revenue and economic report shows a recent drop in revenues.
The one-month drop was $105.9 million below the November forecast by Arun Raha of the state Economic and Revenue Forecast Council. Raha's monthly report is for the 30-day period that ended Feb. 10, or yesterday.
The report shows that despite the monthly drop, the state has collected a net $45 million less than predicted for the period since the November forecast.
"If we were $300 million up in collections over the Christmas season, the doom and gloom around here would be lifted considerably," Hunter said. "We're not $300 million up, we're down, and it's concerning."
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Hunter, a Medina Democrat, said there are other concerns in Raha’s report about the economy.
Our partners at The News Tribune said the report means the much anticipated quarterly forecast due March 17 will likely be flat at best.
UPDATED to clarify when the smaller revenue collection occurred.