Gov. Butch Otter’s Division of Financial Management is presenting its latest revenue figures to JFAC; in October, state tax revenues were up $8.8 million over projections, for a year-to-date total of $22.8 million ahead of projections. Both individual and corporate income taxes are running well ahead of projections. Overall for fiscal year 2011, DFM economist Derek Santos said the prediction is for $2.36995 billion in state tax revenues, an increase of 4.7 percent over fiscal year 2010.
Wayne Hammon, DFM chief, told JFAC members, “I believe the current forecast is accurate as a breakdown by month. … It’s not skewed.” However, the fact that revenues so far aren’t growing by the full 4.7 percent could be a sign of further forecast revisions ahead, Hammon said.