Yesterday’s monthly report from state’s Economic and Revenue Forecast Council (ERFC) on general fund revenue collections brought good news.

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 July 11 and August 10, which generally relate to transactions that occurred in the month of June for monthly taxpayers or transactions in the April–June quarter for quarterly taxpayers.

For liquor taxes, cigarette tax, property tax, real estate excise tax, unclaimed property and other sources, the report covers payments received between July 1 and July 31.

The total amount received was $1,895.4 million. This was $382.3 million (25.3%) more than the amount that had been forecasted. Revenue Act taxes exceeded forecast by $349.2 million (29.3%). Non-Revenue Act taxes exceeded forecast by $33.4 million (10.5%). Within the latter grouping, the Real Estate Excise tax exceeded forecast by $36.0 million (59.3.%).

For the last two months combined, collections have exceeded forecast by $643.0 million

ERFC notes:

Most of this month’s surplus once again came from higher-than-expected taxable activity in retail trade, the result of the allowed opening of non-essential retail establishments in a majority of counties that began in May and increased in June. It remains to be seen whether the increased retail activity is sustainable or just the result of a temporary release of pent-up demand.

Pent up demand was certainly a factor as collections in the retail trade sector were up 12.5% year over year.

Here is a chart of seasonally adjusted Revenue Act Receipts since 2004:

The full Economic and Revenue Update is available here.