Revenue predictions holding up

"Major General Fund-State (GF-S) revenues for the December 11, 2010 – January 10, 2011 collection period were $36.9 million (3.4%) higher than our November forecast, but most of the positive variance is estimated to have been due to a change in the payment pattern of Revenue Act taxes. When the change is taken into account, cumulative revenue collections are close to our November forecast."

That's the report from Arun Raha, our state's chief economist who yesterday released the latest monthly economic and revenue update that tells lawmakers if revenues are coming in as predicted (the last forecast was in November, the next won't be until March).

This is decent news for legislators. If reports were to show we're collecting less than what was forecasted, it would mean legislators would have to cut that much more out of a budget already heading $4.6 billion in the red.