The economic and revenue forecast council issued its monthly Economic & Revenue Update today. Here are the key bullet points regarding revenue from the summary:

• Major General Fund-State revenue collections for the May 11 – June 10, 2013 collection period were $40.0 million (2.3%) higher than the March forecast. Of that amount, however, $10.0 million came from an early Public Utility District tax payment that will detract from next month’s collections.
• Cumulatively, collections are now $126.4 million (3.2%) above the March forecast. Without this month’s early tax payment and an earlier $22.0 million unexpected audit payment, collections would have been $94.4 million (2.4%) above the forecast.

The ERFC will update its forecasts of revenue for the 2011-13 and 2013-15 biennia when it meets next Tuesday. In an earlier post I speculated that the the new forecasts would provide budget writers with more to spend for 2013-15. The new collections report strengthens my confidence that this will be the case.

Here is a link to the June Economic and Revenue Update.