State revenues rise over estimates
After a dismal March, state revenues rebounded in April to nearly $10 million above projections.
Personal income taxes were $4.3 million above estimates last month, helping to bring total revenues to $9.7 million over projections, according to Capitol News Service. Both corporate income taxes and sales taxes also held up, a surprise to Finance Commissioner Sawin Millett, since long-term projections estimate the corporate income tax to trend downward, he told the news service. Sales taxes are $8.5 million above estimates for the year, while corporate income taxes are $6.1 million over projections. Personal income taxes are $26.5 million above estimates for the year.
The state's current surplus is $31.4 million, helpful to lawmakers as they continue to work on a $6.1 billion, two-year budget that begins July 1. The first $25 million of the surplus is slated to go to the state's rainy day fund, while the rest could help offset budget cuts under consideration, according to the news service.
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