State finds $14.3M in additional revenue
Officials announced yesterday that the state has an additional $14.3 million in revenue than it had previously thought.
State Finance Commissioner H. Sawin Millett Jr. said in a press release the additional revenue is the result of an accounting error that was discovered at the end of March. The total represents a portion of a single day’s revenue received in January: $6.6 million in sales tax, $5.2 million in corporate income tax, $1.9 million in income tax withholdings and $600,000 in other tax revenue.
Millett says steps have been taken to prevent future errors. A senior finance official will conduct an in-depth monthly review as well as trend and comparative analyses on each account. A special meeting is expected to be called after taxes are due in April to determine whether the state should revise its revenue forecast.
Rep. Peggy Rotundo, the lead House Democrat on the Appropriations and Financial Affairs Committee, issued a statement commending Millett for immediately disclosing the error and presenting a plan to move forward.
“The commissioner and his team should be given the time they need to ensure the accuracy of the numbers before the Legislature takes any further action on the governor’s proposed changes to the budget,” she said. “This will be the second budget that we are awaiting accurate information for and we look forward to completing this work and the work on the DHHS shortfall.”
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