RevAct receipts strong; preliminary collections about $130M above expectations

Dr. Wright told the council that RevAct collections — which include sales tax and B&O components but not property tax — have shown strong growth, roughly 11.5% in recent measures, and that two months of data put collections about $130,000,000 above expectations through Aug. 10.

"Our most recent measure was up about 11 and 0.5 percent," Dr. Wright said, adding that the increase is largely driven by recent legislative changes that expanded the tax base (e.g., taxation of certain online services). He said the staff will publish a new collections update the following Tuesday and will deliver the complete revenue forecast update to the council on Sept. 25.

The council asked whether volatile oil prices and evolving interest rates would be fed into the revenue review; Dr. Wright said oil-price assumptions come from futures markets and the revenue review will use the most recent futures pricing, and that interest rates are modeled and updated as new data arrive.