Revenues coming into the state’s General Fund in January were nearly 5 percent lower than a forecast by two economists in the middle of the month, adding to fears that any economic recovery will be slow and painful.
The results were reported nearly a month after economic consultants Jeff Carr and Tom Kavet said the state’s economy appeared to have hit bottom, but that any recovery would be slow and painful.
Administration Secretary Neale Lunderville says he is especially concerned about apparent weakness in the state’s personal income tax receipts for January.
Overall, general fund revenues are down nearly 7 percent from the same time last year.