Most state revenue collections for February have come in short, fueling speculation that lawmakers may have to scale back the budget.
According to the Governor’s office…
- State general fund revenues for February were $745.4 million, which is $1.9 million (0.3%) below the estimate based on the December 18, 2014 revised forecast and $37.0 million (5.2%) above revenue in February 2014.
- Sales tax collections were $535.6 million for February, which is $19.2 million (3.5%) below the monthly estimate and $23.6 million (4.6%) above revenue in February 2014.
- Individual income tax collections totaled $124.1 million for the month, which is $6.6 million (5.1%) below the revised monthly estimate and $3.2 million (2.6%) above revenue in February 2014.
- Corporate tax collections were $7.8 million for the month, which is $20.7 million (159.9%) above the revised monthly estimate.
- Riverboat wagering collections were $33.2 million for February, which is $0.3 million (1.0%) above the revised monthly estimate.
- Racino wagering collections totaled $9.8 million for the month, which is $0.3 million (2.7%) below the revised monthly estimate.
Both the Governor’s Office and House Republicans have increased spending in education, however Senate Appropriations Chair Luke Kenley has sounded caution, noting revenue collections have fallen short of expectations as of late.
The final budget forecast for the fiscal year will be in April.
