Revenue numbers released Wednesday show collections over $43 million above forecast. John Shellnutt, an economist with the Department of Finance and Administration, said key areas showed significant change compared to the previous month and same time period last year.
“Results were significantly impacted by a rebound in sales and use tax compared to a year ago and versus forecast. Primarily the components of individual income tax compared to forecast, that was the main driver and that added $22 million,” said Shellnutt.
He continued, commenting on refund results.
“The major story occurred in individual income tax components, probably a pattern story in refunds that fell in March but it doesn’t necessarily say what will happen in April,” said Shellnutt.
The state is now over $78 million above forecast at this point in this fiscal year that began in July. Total general revenue in March totaled over $386 million.