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

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

The total amount received was $2,021.0 million. This was $247.8 million (14.0%) more than the amount expected under the forecast that ERFC adopted on September 23rd. Revenue Act taxes exceeded forecast by $173.4 million (12.0%). Non-Revenue Act taxes exceeded forecast by $74.4 million (22.6%). Within the latter grouping, the real estate excise tax (REET) exceeded forecast by $38.2 million (46.1%).

Tomorrow, the ERFC will meet to revise its forecast of state revenues. Cumulatively, revenues have exceeded forecast by $380.3 million (11.5%) over the last two months. I expect the forecast will be revised upward by more than this amount. The question is “how much more?” Uncertainties regarding the pandemic and federal fiscal policy remain large.

The collections report is available here.