The Department of Revenue reported with April’s tax collections, revenue is running $588 million more than estimates at this point in the fiscal year, however, they pointed out $364 million are already included in the Governor’s proposed budget.

The state collected $3.2 billion in General Fund revenue in April, $83 million, or 2.7 percent, more than anticipated. Fiscal year-to-date General Fund collections total $21.6 billion, which is $588.4 million, or 2.8 percent, above estimate.

The Governor’s original 2006-07 budget proposal in February 2006 anticipated that 2005-06 revenues would exceed the July 2005 official estimate by $364 million. That money has already been allocated in the Governor’s proposed budget.

Higher than expected revenue collections in recent months have, therefore, generated $224 million in new revenue that may be available for appropriation during the upcoming 2006-07 budget negotiations.

4/28/2006