Secretary of Administration Jeb Spaulding has released the April revenue results for the state, and they show a continued trend of beating the expectations set by the Emergency Board in January.
April General Fund revenues were 6.8 percent, or just over $10 million over the forecast of $151 million in revenue for the month, which leaves the fund almost $12 million ahead of target for the fiscal year. However, Spaulding sounded a note of caution, saying that the economic recovery and conditions are still very uncertain.
“With two months remaining in the current fiscal year, we are hopeful that we will be able to maintain our above target results through the end of the year," he said. "We do, however, recognize that external events, such as the escalation in fuel prices or adverse weather impacts, could dampen the pace of economic recovery and affect our revenues. We caution against concluding, at this point, that revenues for the next fiscal year will be ahead of target.”
Personal income tax and corporate income tax receipts continued to show strength ahead of forecast, while results for consumption taxes (sales & use and meals & rooms) were mixed.
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