The monthly report on general fund revenue collections from the state’s Economic and Revenue Forecast Council (ERFC) was issued yesterday afternoon. Yet again, the report shows overall revenues above forecast.

For the sales tax, the use tax, the business and occupation tax, the public utility tax, the tobacco products tax, and penalties and interest (collectively the Revenue Act receipts), this report covers payments received between November 11 and December 10, which generally relate to transactions that occurred in the month of October.

For liquor taxes, cigarette tax, property tax, real estate excise tax, unclaimed property and other sources, the report covers payments received between November 1 and November 30.

The total amount received was $3,490.0 million, $89.0 million (2.6%) more than the amount expected under the forecast that ERFC adopted on November 19^th.

Revenue Act taxes (primarily the sales, use, utility, and business and occupations taxes) were $33.1 million (2.0%) above the amount forecasted. Here is a chart showing seasonally adjusted Revenue Act receipts since 2004:

Non-Revenue Act taxes exceeded forecast by $56.3 million (3.3%). Within this grouping, real estate excise tax (REET) exceeded forecast by $36.3 million. ERFC staff note:

Sales of large commercial property (property valued at $10 million or more) increased to $1.70 billion from last month’s revised total of $1.42 billion while seasonally adjusted activity excluding large sales decreased from last month’s record high for the category.

Here is a chart showing the value of transactions subject to REET since 2002:

The collections report is available here.