January state tax revenues beat forecasts by nearly $23 million

January state tax revenues came in 6.7 percent ahead of projections, $22.9 million higher, largely due to strong individual and corporate income tax collections for the month. The January figures pushed fiscal year to date collections to 2 percent above forecasts, and were 12.3 percent above the previous January. You can see the full monthly General Fund Revenue Report here from the Otter Administration’s Division of Financial Management.

The Legislative Budget Office reports that year to date, that puts general fund revenue collections through the month of January $39.2 million ahead of forecast, for an estimated ending balance at the end of the current fiscal year of $140.6 million. That’s $93.5 million more than was anticipated when lawmakers adjourned their 2016 session last spring. You can see the LBO’s full monthly Budget and Revenue Monitor here .