The Economic and Revenue Forecast Council released its monthly Economic and Revenue Update today. For the November 11–December 10 collection “month,” revenue was well above forecast. However, it is likely that much of the excess will be reversed next month.

From the summary:

• Major General Fund-State revenue collections for the November 11 – December 10, 2012 collection period were $72.7 million (4.3%) higher than the November forecast. Revenue Act collections were $39.4 million (4.4%) higher than forecasted and other revenue was $33.4 million (4.1%) higher.
• Some of this month’s positive variance was due to the timing of payments, so the variance will be at least partially reversed next month. The $20 million positive variance in real estate excise tax collections, however, should remain.

Here is a link to the Economic and Revenue Update.

By the time the 2013 regular session of the legislature opens on January 14, we will know the extent that this month’s good news has been reversed. More importantly, we will also know by then whether or not congress and the president have driven the federal government over the fiscal cliff.