After a month of larger-than-expected state tax collections, the revenue report for May shows collections came in just shy of the forecast.
The Division of Financial Management released its monthly general fund status update Friday afternoon. It shows state tax collections were down 2.4 percent below expectations.
This month’s General Fund showing reflects mixed performances by its five components. The sales tax was $3.4 million above the $86.2 million predicted for May 2013. Product taxes of $3.8 million topped its forecast by $0.3 million. However, the excess revenue from these two categories was more than offset by the lower-than-expected individual and corporate income tax collections. — DFM
DFM reports individual income tax collections came in $5 million under forecast and corporate tax collections were $1.9 million under.
Even though May tax collections were lower than anticipated, overall collections for the fiscal year are still beating projections. The state is expected to end the fiscal year next month above revenue forecasts.