May revenues exceed estimates by $75M

? As legislators made preparations for a special session on education funding, they received a dose of good news Tuesday, learning that the state collected $75 million more in revenues than expected in May.

The unexpected, 18 percent bulge in collections led Gov. Kathleen Sebelius to direct state officials and economists to revise the state’s fiscal forecast, even though it was just updated in April. Forecasters are expected to meet next week.

The state collected about $493 million in revenues during May, when the forecast anticipated collections of $418 million.

For the state’s 2005 fiscal year, which began last July 1, through May, the state collected $4.33 billion, nearly 2 percent more than anticipated.