State revenue down $2 million in October
CONCORD – State revenues were $2 million less than budget writers expected in October, due largely to business tax returns.
In figures released by the Department of Administrative Services Monday, the state collected $105.1 million in revenue for October and $540.9 million for the first third of the 2014 fiscal year, or $25 million more than anticipated.
Business taxes produced $24.1 million, down $4.4 million from estimates for the month. Administrative Services Commissioner Linda Hodgdon said October business tax collections are so small it is difficult to see any trend.
For the 2014 fiscal year, business taxes total $153 million, $6 million more than budget writers’ estimates.
For October rooms and meals, tobacco, and interest and dividends taxes were slightly below projections as were securities and lottery revenues.
Liquor revenue was more than $1 million above estimates, at $12 million. Other levies stronger than projected for October were insurance, communications, real estate transfer and utility taxes.
For the fiscal year to date, the state has collected $26 million more revenue than a year firstname.lastname@example.org
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