It appears state tax receipts for the just-concluded fiscal year were slightly better than predicted.
The state fiscal year ended June 30. An initial report from the Legislative Services Agency indicates cash receipts for that 12-month period were $54.5 million above expectations. State tax receipts grew by six percent in the year-to-year comparison.
Personal income tax payments to the state grew by seven percent for the fiscal year, while sales tax collections increased by nearly four percent. The final analysis on net revenue for the 12-month-long state fiscal year won’t be available until the end of September.
In just the month of June, the Legislative Services Agency reports state tax collections grew by about three percent compared to June of 2010.