September revenues help state reach $27 million surplus
CONCORD – The state's revenues in September were $15.7 million above estimates for the month and produced a $27 million surplus for the first quarter of the 2014 fiscal year.
Business taxes rebounded from a dismal showing a month ago, producing 10 percent more money than anticipated, and the real estate transfer tax continues to show a rebounding housing market with greater-than-estimated returns.
For September, state revenues were $197.4 million, 8.6 percent higher than estimates of $181.7 million. For the year to date, revenues total $435.8 million, which is $26.9 million higher than budget writers estimated and $37 million more than a year ago.
Business taxes produced $96.2 million in September, $10.3 million more than estimates, and total $129.1 million for the year, which is $10.3 million above estimates and $11.9 million more than a year ago.
Last month, business taxes were almost 30 percent below estimates.
Rooms and meals taxes also were ahead of schedule for September, producing $30.2 million, which is $1.8 million more than anticipated.
The real estate transfer tax produced $1.9 million more money than budget writers planned, producing $9.8 million in September.
Other taxes ahead of estimates for September include the interest and dividends tax, transfers from the Lottery Commission and the tobacco tax, which increased 10 cents in August after revenues failed to reach projections the last two years.
The communications tax continues to lag behind estimates as it did last fiscal year.