The State Budget Agency reports July revenue totals outpaced expectations by $11.5 million. General Fund revenues last month were $1.17 billion, which is nearly 2 percent higher than the same period last year. The monthly revenue totals were offset by a net loss in corporate tax collections the state says was caused by factors including higher refunds and non-resident partnership withholdings being categorized under individual income instead of corporate income.
The revenue forecast was last revised in December 2017.
Other figures in the report include: sales tax collections were $679.6 million in July, which is lower than expected, but nearly four percent higher than a year ago; corporate tax collections totaled negative $3.5 million last month; riverboat and racino wagering collection both increased in July.