State tax collections less than predicted

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By The Associated Press

Story Published: Nov 5, 2009 at 4:42 PM MDT

Story Updated: Nov 5, 2009 at 4:42 PM MDT

HELENA - A legislative report says state tax collections through the first four months of the budget year are $92.8 million, or 22% less than a year ago.

Terry Johnson of the Legislative Fiscal Division says taking into account potential revenue shortfalls from individual and corporate income taxes and potential higher oil and gas production taxes, the state's general fund revenues for the fiscal year could be anywhere from $51 million to $129 million less than lawmakers forecast.

Johnson warned the shortfalls could erode the $282.4 million ending fund balance the 2009 Legislature set mid-2011. Gov. Brian Schweitzer says he insisted on at least a $250 million ending fund balance so the state could withstand a drop in tax collections.

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