September revenues bring surprise upswing

With the first quarter of the fiscal year in the books, revenue collections for the state have exceeded expectations by slightly more than $1 billion, producing an overall total of $27.5 billion. Leading the way during the important month of September were personal income taxes, which came in $260 million above estimates made only a few weeks earlier during the budget negotiations in June. Income taxes to date are running $990 million ahead of forecast, according to a new report from the governor’s Department of Finance.

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