March 15, 2012
February is the eighth month of fiscal year (FY) 2012 and second month following the January Consensus Revenue Forecast revision. General Fund revenues totaled $52.34 million for February 2012, and were -$9.49 million or -15.35 below the $61.83 million consensus revenue forecast for the month. Year to date, General Fund revenues were $750.63 million, and -$14.15 million or -1.85 short of the target of $764.78 million for FY 2012. The FY 2012 results through February remain ahead of the same period for the prior fiscal year (FY 2011) by 1.33.
“February is the third consecutive month in which General Fund revenues came in under projections. That is obviously a concern from a budgetary perspective, but until we have the results from the tax filing season, we will not have sufficient data to predict the impact on this fiscal year or conclude that the revenue projections for next year are too high,” explained Secretary Spaulding.
Source: Office of the Governor
Last Updated at: March 15, 2012 09:17:04