Gross general fund revenue is expected to total $6.1 billion in fiscal 2013 and $6.23 billion in fiscal 2014 under the new official forecast from the Department of Finance and Administration.
“Rebound in the state economy from business and household economic activity continues at a modest pace, but with better-than-expected income tax receipts,” finance director Richard Weiss said last week.
The official forecast for 2013 is up $34 million from April’s estimate, Weiss said, with revenues next year expected to increase by another $12 million.
Gross revenues include income tax collections that will be returned to filers and some designated revenues.
Net general revenues are expected to total $4.87 billion in fiscal 2013, an increase of $38 million from the earlier estimate. Net revenues in fiscal 2014 are estimated at $4.96 billion, up $10 million from the previous forecast.
The revenue increases will result in a $38 million surplus that can be appropriated by the 2014 Legislature and a $19 million deposit into the state’s rainy day fund at the end of fiscal 2013 on June 30.
