The total of $1.24 billion included an increase of $26 million, making it the 20th month out of the last 21 to rise. That represents a 5 percent boost for the current fiscal year which ends this month.
Higher percentage increases rang in earlier in the fiscal year, but those were comparisons to weaker periods.
The state’s budget for the current fiscal year was built on the assumption that tax collections would grow by 4.7 percent. If spending remains on budget, the extra revenue will go to the state’s rainy-day fund to serve as a cushion for future recessions.
Post a Comment