October on Target with State Budget Projections
After a tough year of forecasting last year, the state's budget projections turned out to be right on target for last month.
The state budget office estimates for how much personal income tax revenue it would bring in for October were off by just $141,000. Several categories of taxes were up sharply, such as the commercial activity tax -- nearly 25 percent above estimates for the month. But total tax revenue for the month was down by $80 million or 3 percent, and for the year, it's $13 million off estimates - just one tenth of a percent.
State Budget Director Tim Keen had said he would revise his forecasts downward after last year, when estimates were off in 11 of the 12 monthly reports.