Fiscal-year-to-date net available general revenues are up 0.7 percent above year-ago levels, the Department of Finance and Administration announced in its January 2017 General Revenue Report. But seven months into the fiscal year, net available revenue is below forecast by $57.1 million, nearly 2 percent.
For the month of January, general revenues were around 8 percent below forecast. According to DF&A, it’s a temporary blip:
Results in January were impacted by a timing shift relative to forecast in Payroll Withholding tax collections during the month. The timing shift involved expectations of higher growth from more paydays in the reporting month than last year. Lack of this payday gain because of early holiday-related payrolls a year ago caused the shortfall and will shift a gain against forecast to February results.
Here’s the full report.
[Note: This post has been updated to note the fact that revenue is below forecast year-to-date, which I failed to mention earlier.]