State revenues continue to grow slightly ahead of forecast

A little more good news for state budget writers came in the latest monthly revenue report from the Economic and Revenue Forecast Council.

Major General Fund-State revenue collections for the March 11 – April 10, 2015 collection period were $39.4 million (3.7%) higher than the February forecast. Much of this month’s surplus was due to a $21 million refund that was expected during the period but has yet to occur.

Had the refund happened as expected, collections would have been only $18.4 million (1.7%) higher than forecasted. Cumulatively, collections are now $56.1 million (2.7%) above the February forecast. Adjusted for the still-expected $21 million refund, the cumulative surplus is $35.1 million (1.7%).

The Washington Research Council post on the report is here.