"April Surprise" - More state revenue than expected

"April Surprise" - More state revenue than expected

05-02-12
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The state will take in $232.5 million more than expected this year in tax payments, according to a revised revenue forecast by the legislature's Fiscal Research Division and the Office of State Budget and Management.

For the next budget year, tax revenue is projected to be $21 million more than expected.

In an e-mail to top legislators and staff members, legislative economist Barry Boardman said this year's surplus results from better than expected growth in personal income tax withholding. Other sources of revenue, including sales tax, corporate income taxes and franchise taxes are expected to come in at or slightly below original projections.

The downgraded economic forecast for the state and the nation resulted in the small change in next year's projection, Boardman wrote.

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