November 13, 2018

September revenues bring surprise upswing

With the first quarter of the fiscal year in the books, revenue collections for the state have exceeded expectations by slightly more than $1 billion, producing an overall total of $27.5 billion. Leading the way during the important month of September were personal income taxes, which came in $260 million above estimates made only a few weeks earlier during the budget negotiations in June. Income taxes to date are running $990 million ahead of forecast, according to a new report from the governor’s Department of Finance.

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