The state’s fiscal 2015 revenue collections are running $59.1 million below projections from when the budget was passed in May, according to new numbers released by the state’s Office of Policy Management and the Office of Fiscal Analysis.
The shortfall, which officials attributed mainly to a decrease in expected federal revenue, is equivalent to 0.3 percent of the state budget.
The consensus revenue estimate was the first update of the fiscal year from OPM and OFA. Further updates come in January and April.
Ben Barnes, OPM secretary, said in a statement that personal and sales tax revenues have been coming in slightly above targets, up nearly $50 million.
