Mar 24, 2010

State Revenues Down 102 Million Dollars In February

State revenues are down according to the latest Tribune-Review article.
Figures from the Department of Revenue show the state collected $102 million less than expected in February. For the fiscal year that started in July, collections are $476 million — or 2.9 percent — less than expected.

Nationwide, the bad economy created some significant declines for states: Individual income taxes were down 12 percent to $246 billion, while sales taxes dropped 5.4 percent to $228 billion.

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So the solution is to increase spending by four percent. Wow! That is a smart strategy Speaker McCall and House Democrats.

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