This afternoon the Economic and Revenue Forecast Council issued its monthly Economic and Revenue Update. Here are the key bullets on revenue from the summary:

• Major General Fund-State revenue collections for the March 11 – April 10, 2015 collection period were $39.4 million (3.7%) higher than the February forecast.
• Much of this month’s surplus was due to a $21 million refund that was expected during the period but has yet to occur. Had the refund happened as expected, collections would have been only $18.4 million (1.7%) higher than forecasted.
• Cumulatively, collections are now $56.1 million (2.7%) above the February forecast. Adjusted for the still-expected $21 million refund, the cumulative surplus is $35.1 million (1.7%).

The cumulative surplus for the real estate excise tax (REET) is $50.8 million. Adjusted for the unpaid $21 million refund, the cumulative sum of all taxes other than the REET is $15.8 million below forecast.