State general revenue increased in October by $11.1 million over the same month a year ago to $565.5 million and exceeded the state’s April 2 forecast by $66.9 million.
The state’s sales and use tax collections increased last month by $25.6 million over October of 2019 to $239.2 million and exceeded the forecast by $25.2 million.
The state’s individual income tax collections dipped by $10.1 million from a month ago to $264 million, but exceeded the state’s forecast by $33 million.
In October, the state’s net available general revenue to state agencies increased by $15.3 million over the same month a year ago to $486.2 million and exceeded the state’s forecast by $73.1 million. October is the fourth month of fiscal 2021.
During the first four months of fiscal 2021, the state’s net general revenue has increased by $242.6 million over the same period in fiscal 2020 to $2.2 billion and exceeded the state’s forecast by $231.8 million.
On April 2, the Hutchinson administration cut the state’s forecast for fiscal 2021 by $205.9 million to $5.68 billion, citing a projected recession triggered by the coronavirus pandemic.