The September report on state tax revenue
continues to show a strengthening economy, with revenue up against both last year and the forecast. This month's report, too, lacks some of the special circumstances that had prompted notes of caution in earlier months of the fiscal year, which began July 1.
The key element:
September Net Available General Revenues total $522.8 million, $28.2 million or 5.7 percent above last year and $16.3 million or 3.2 percent above forecast.
Here's the full report.
September results were boosted by gains in all major categories of collections.
* Individual Income tax was 7.3% above year ago levels and 4.0 percent above forecast.
* Corporate income was 13.9 percent above year ago and 12.3 percent above forecast.
* Sales and Use tax was 5.0 percent above year ago and 0.7 percent above forecast.
* Gains in the two economic-related revenue lines of Sales tax and Payroll Withholding were in-line with projections and encouraging for the state economy in the absence of any unusual collection factors.
Maybe the money is there for a continuing fix of the inequities in the teacher insurance program. Something tells me some legislators will prefer to talk tax cuts instead. I'd remind them that they are about to throw away the key for a bunch of parole violators, so they might want to set a little aside for prison cells. For the first quarter of the year, net revenue is almost $30 million above forecast, effectively a surplus.