October state revenues fall short
State revenues have fallen back into the red after failing to meet October projections by $12.6 million.
After the first four months of the budget year, revenues are now $6.7 million in the red, though Finance Commissioner Sawin Millett told Capitol News Service the situation isn't as dire as it seems. Compared to the first fourth months of the last budget year, revenues are up $11.6 million. Corporate tax income in October was $7.9 million below projections, after having exceeded July-September projections by $12.5 million. So far this budget year, individual income taxes are up 2.7% over last year, and sales taxes are up 6.2%. Millett said the increase in revenues over the same period in the last budget year is a sign of slow improvement.
Payments the state made under the property tax/rent relief and the Business Equipment Tax Reimbursement programs were greater than expected in October.
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