State Collections Above Estimates for March

The Independent Fiscal Office and state Department of Revenue have released the revenue reports for March. The state collected $6.28 billion in general fund revenues for March, 5% above the IFO’s official estimate, driven by higher-than-expected gross receipts tax collections. Fiscal year-to-date revenues now are just above the IFO’s expectations by 0.9%.    

The Motor License Fund received $236.8 million in March, $16.1 million above estimate, which includes liquid fuels taxes and other license, fine, and fee revenues. Year to date, the Motor License Fund is at $2 billion, 1.4% above estimate. Click here for the IFO report and here for Revenue’s press release.