Smaller drop in revenue expected, but still a concern

jordannickState Revenue Secretary Nick Jordan said this week that he expects June tax collections to be $10 million to $20 million less than projections. That’s certainly better than April and May, when collections were $310 million less than estimates. Still, because of the April and May drop, the state was already forecast to have only about $50 million in its cash reserves by the end of next fiscal year. A drop in this month’s collections will leave an even slimmer margin for error.