State tax revenue continues strong performance

The Finance Department said Friday that revenues for February were $591 million, or $14 million over budgeted estimates. February is the seventh month of the state’s fiscal year.

For the year collections are $111 million over what the state budgeted to spend.

In February, the general fund came in $19.4 million above estimate and four other funds were $5.4 million below projections.

Sales tax collections were $16.2 million over budget for the month, and are $68.6 million over estimates through the first seven months of the fiscal year.

Through seven months the sales tax has accounted for two-thirds of the total tax revenue and is up 6.6 percent over the same period a year ago.

Franchise and excise taxes on businesses, the second greatest source of state tax income, are up 9.5 percent over the first seven months.