State Revenues Fall Short

State revenues were $77.8 million below the forecast from the Consensus Revenue Estimating Conference in June, but it had more to do with a quirk of the calendar than anything economic in nature, according to the Senate Fiscal Agency. Collections earmarked to the General Fund fell $10.4 million below the forecast for June while School Aid Fund collections were $62.5 million short. The shortage in the School Aid Fund reflected a quirk in sales tax collections, which were $51.3 million below the forecast. Income tax collections were nearly exactly on forecast, $11 million below the expected amount.