Doerflinger: Revenues Below Estimate, Adequate To Avoid Spending Cuts
Secretary of Finance, Administration and Information Technology Preston Doerflinger said Tuesday General Revenue Fund collections for the first half of the fiscal year remain below the estimate, but adequate to avoid across-the-board spending cuts through the remainder of the year.
“At this time, total revenues are below the estimate but still adequate to make it through the current year without mandatory spending reductions,” Doerflinger said in a release.
Doerflinger announced General Revenue Collections for the first six months of fiscal year 2014 were 6.7 or percent below the estimate upon which the appropriated state budget was based. Collections for the six-month period totaled $2.6 billion, which also is $40 million or 1.5 percent below receipts for the same period one year ago.
December collections to the General Revenue Fund totaled $509.5 million, which is $9.4 million or 1.8 percent below December 2012 and $40.7 or 7.4 percent below the estimate for the month.
On a monthly basis, General Revenue Fund collections have met or exceeded the estimate only once this fiscal year -- July when receipts topped the estimate by $14.3 million. December marked the fifth consecutive month in which the receipts were below the monthly estimate.