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Joint fiscal office: March fuel‑tax receipts largely made up February shortfall; year‑to‑date slightly under forecast
Summary
The joint fiscal office reported March gas and diesel receipts rose above forecast, largely offsetting a February reporting shortfall, but year‑to‑date motor vehicle purchase and use receipts lag forecast by about $1.7 million. Staff said June true‑up and July forecast will determine whether further budget adjustments are needed.
Logan, a joint fiscal office analyst, told the committee on April 8 that March gas and diesel receipts were “very much above forecast,” largely because reporting and processing timing shifted some February collections into March.
The presentation showed February gas and diesel taxes were significantly below forecast because a processing date fell on a weekend during a short month; that portion of revenue appeared in March instead. Logan said, “if you take the two together, we are sort of right on,”…
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