February was another month of mixed results on state revenue, though the total still came in ahead of last year. The key monthly numbers, including poor results on sales taxes:
February Net Available General Revenues total $212.2 million, $2.0 million or 1.0 percent above last year and $4.7 million or -2.2 percent below forecast.
Results were significantly impacted by: 1) decline in Sales and Use tax compared to year ago and versus forecast, 2) higher-than expected growth in individual refunds due in part to delayed start of the tax filing season in January, and 3) a positive contribution from temporary effects of payroll timing for Individual Withholding tax.
Sales and Use tax collections in February largely reflect economic activity in January. Weather effects on collections were noted in the retail sector.
Among other revenue categories, corporate Income tax was below year ago and forecast in an otherwise low-activity month and Tobacco tax collections were down sharply.
February Gross General Revenues: February collections total $427.3 million, an increase of $16.0 million or 3.9 percent from last year and $3.0 million or -0.7 percent below forecast.