Net general fund receipts for Fiscal Year 2024’s first quarter are estimated at $6.4 billion, $400 million (6.7 percent) more than forecast in February. Net receipts exceeded projections for all major tax types. S&P Global now expects annual real GDP to grow 2.5 percent this year and 1.6 percent next, compared to increases of 0.7 percent and 1.6 percent in its February forecast.

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Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.