State tax collections in the first quarter of the current fiscal year were running about $62 million ahead of receipts taken in during the first three months of fiscal 2013, according to the latest monthly report issued by the Legislative Services Agency.
State revenue increased by 10.8 percent last month, bringing the quarterly increase to 4.1 percent after lackluster numbers in July and August. Collections were buoyed by strong gains in corporate and personal income taxes, while sales and use tax collections were fairly flat, said LSA analyst Jeff Robinson.
Some of the increase was attributable to timing issues, but overall Robinson said “it was a good month.” State tax collections were better than expected, he said, noting “there really is no bad news in this.”
The first-quarter total outpaced the 1.8 percent growth rate the state Revenue Estimating Conference has projected for fiscal 2014. The three-member panel is slated to meet on Oct. 10 to revisit the current economic growth projections.