State Collections Above Estimates for February    

Now past the midpoint in the state fiscal year, the Independent Fiscal Office and state Department of Revenue have released the revenue reports for February. The state collected $2.77 billion in general fund revenues for February, 4.1% above the IFO’s official estimate, driven by a higher than expected corporate net income tax, sales and use tax, and personal income tax collections. Fiscal year-to-date revenues now fall below the IFO’s expectations by 0.1%.   

The Motor License Fund received $235.6 million in February, $3.4 million above estimate, which includes liquid fuels taxes and other license, fine, and fee revenues. Year to date, the Motor License Fund is at $2 billion, 0.7% above estimate. Click here for the IFO report and here for Revenue’s press release.