After closing the fiscal year that ended June 30 with a $425 million revenue surplus, the first quarter of the new fiscal year has yielded a surplus of $191 million.
The state collected $191 million more in tax revenue than expected through the first third of the fiscal year, driven by more jobs and higher pay, according to the governor’s office.
The surplus follows $425 million received beyond what was projected for the fiscal year that ended June 30. General Fund revenue for October was $46.3 million, according to the latest figures.
Higher than anticipated growth in personal income and franchise tax revenues attributed to higher than expected wage growth and business profits are the primary drivers, the office reported Wednesday. (emphasis added)