By Chris Casillas
In a somewhat rare occurrence over the last several years, the State’s July revenue report surprised to the positive for once suggesting a possible turnaround in its finances. The report, released July 11, 2012, indicated that receipts into the General Fund for the period of June 11- July 10 were $66.5 million (or 5.5%) higher than projected in the June revenue forecast. Similarly, Revenue Act receipts were $45 million (or 5.2%) higher than forecast in June. Receipts across many major sectors of the economy were up on a year-to-year and monthly basis. One important sign of a possible turnaround came from the construction industry, that saw tax payments increase by 12.6% year-over-year, which the report noted was the first double-digit increase since November 2007. Revenue Act receipts, continuing a positive trend beginning back in 2010, are now back to levels immediately preceding the Great Recession that took hold in 2007.
