State revenue collections for September were $976.7 million, or 8.2% below September 2007 collections.
"September is the second consecutive month in which sales taxes and corporate income taxes have shown negative growth rates," Finance and Administration Commissioner Dave Goetz said. "We are disappointed, but we'll continue to monitor expenditures very closely, as we are determined to keep the state's budget in balance for the duration of current national conditions.
"We've seen economic conditions deteriorate since November of 2007, as collections have come in under the budgeted estimate for the past ten consecutive months."
On an accrual basis, September is the second month in the 2008-2009 fiscal year.
September collections were $85.5 million less than the budgeted estimate. The general fund was under collected by $78.1 million and the four other funds were under collected by $7.4 million.... read the rest of the story by Subscribing now.