Today’s monthly report from state’s Economic and Revenue Forecast Council (ERFC) on general fund revenue collections brought some 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 June 11 and July 10, which generally relate to transactions that occurred in the month of May.

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

The total amount received was $1,762.3 million. This was $260.7 million (14.8%) more than the amount that had been forecasted. Revenue Act taxes exceeded forecast by $247.0 million (19.7%). Non-Revenue Act taxes exceeded forecast by $13.6 million (2.7%). Within the latter grouping, the Real Estate Excise tax exceeded forecast by $24.4 million (44.9%).

ERFC notes:

[M]ost of the unexpected strength seemed to be in retail trade. Non-retail trade payments were down about 20%, similar to the forecasted decline in total collections for the period. During May, a majority of counties reached Phase 2 of the state’s pandemic reopening plan, which allowed non-essential retail establishments to open on a limited basis. In June, most of the remaining counties reached Phase 2 and several reached Phase 3, so next month’s retail trade activity could also be higher than forecasted. It remains to be seen, however, if the higher activity is sustainable or if it represents a one-time response to several months of pent-up demand.

Time will tell.

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

The full Economic and Revenue Update is available here.