December 12, 2007

November revenues not so bad

The state has tallied up its November revenues, and the numbers don't look nearly as bad as the gloomy projections that have been flying around lately. In fact, for the month, revenues were about $530 million, or 10 percent, above projections made when the budget was written last spring.

Most of that bump came from a big surge in insurance taxes that appears to be an accounting issue: the Department of Finance expects the numbers to balance out over the next few months.

Still, withholding from paychecks was above the forecast, which is a significant sign of life in the economy, and other income taxes, corporate taxes and sales taxes all came in at or above projections.

The numbers are still down for the year. But the bleeding appears to have stopped for the moment. Or at least it had stopped in November.

Read the full report here.

Posted by dweintraub on December 12, 2007 4:00 PM