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January revenue collections: Down.
January 9th, 2009 by Niki Reading | Filed under Budget.The Economic and Revenue Forecast Council just released statistics for January’s General Fund-State tax payments between Dec. 11 and Jan. 10.
The collections “once again fell short of the November forecast. Receipts for the month were $97.5 million lower than expected.”
That’s 9.4 percent lower than what they’d planned for, according to the forecast.
In total, since the already-dire November revenue forecast, collections are down $134.1 million, or about 5 percent.
What’s this all mean? The state is already facing an unprecedented revenue shortfall of about $5.7 billion for the 2009-2011 biennium. If the numbers don’t turn around, that gap will keep growing.
Here’s the full document. One item to note: The year-over-year decline is the biggest since the council started compiling these statistics in 1989. They beat the Jan.-Feb. 2002 decline by more than 2 percentage points.
Stay tuned. And check out Budget Basics in the meantime.
