Rising revenues could help bond outlook
State revenues continued to come in above estimates last month, a trend that's expected to boost the state's bond outlook.
Sales tax and corporate income tax revenues for April were both higher than expected, by $5.7 million and $4.5 million, respectively, according to Capitol News Service. Finance Commissioner Ryan Low said year-to-date state revenues are $33 million above estimates, and are projected to create a surplus of at least that amount by the end of the budget year in July. The state has set aside $14.2 million in reserves as well, Low told the news service.
Low and other state officials said the positive news helped assure bond rating firms at a meeting held this week in advance of the state's $58 million bond sale slated for later this month. Standard & Poor's Rating Service in March revised the state's bond outlook from stable to negative, citing concerns over the state's cash flow and reserves. Lawmakers worried the state's credit rating could be lowered as well. The firms are expected to release their ratings next week.
Go to the article from Capitol News Service >>
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