by Max Brantley
The state Finance and Administration Department today issued revised forecasts for state tax revenue through the end of fiscal 2014 (June 30, 2014). The trend is upward, with increases in revenue forecast despite tax cuts taking effect in fiscal 2014.
A gain of 4.7 percent in net revenue is expected this year, which ends June 30, well beyond the 2.4 percent increase expected and the reason for a projected $137 million surplus.
In 2014, the net is expected to increase 1.9 percent, enough to cover spending priorities A-C in the state budget and leave an $18.9 million rain day fund and $13.8 million in surplus.