State Revenue Report Below Projections

The state revenue report for the month of February had a bit of bad news.

For the first time in Fiscal Year 2014, the month’s sales tax collections were below collections for the same month in Fiscal Year 2013. Sales tax collections in February 2014 were below collection in 2013 by $13.7 million. Analysts say severe winter weather throughout the state in January likely contributed to the lower sales tax collections.

State general fund revenues in February were $708.4 million which is $54.1 million below target based on the Dec. 20 forecast.

Gaming revenues missed the monthly target by $5.4 million and are $13.3 million below forecastfor the first eight months of the fiscal year budget. Severe winter weather closed four gaming facilities for two to three days in January, which contributed to lower gaming collections for the month.