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State revenues up 9.5 percent in October

Posted November 1, 2010 11:22 AM

State revenues for the month of October were up $117 million, or 9.5 percent, from the same period a year ago, a sign of an improving economy, the state Revenue Department said today.

The revenues of $1.342 billion were also up $209 million from the benchmark set in the spring. For the year, the state is $413 million above expectations in revenue collections, the department said.

Revenue Commissioner Navjeet K. Bal said October is a relatively small tax collection month, but "collections ran well above benchmark due to strong withholding and corporate/business collections, and to a lesser extent, stronger than expected sales tax collections."

"These are all signs of a strengthening economy and a return to fiscal stability," she said.

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