State Council on Revenues

The decrease was due to a potential 17% decrease in May tax revenue — largely based on a drop in personal and corporate income tax revenue.

The state Council on Revenues is now estimating a 4% annual growth in tax collections for the 2024 fiscal year. The council is more confident in estimated tax collections following the unexpected recovery in the labor market and tourism.

The State’s General Fund forecast for the current fiscal year was lowered less than one percentage point today, meaning there’s less money to spend in the…