ECONOMY: UNCERTAINTY REIGNS
Benjamin L. Varner, Chief Economist

The U.S. economy in March was unsettled, driven by high uncertainty and abrupt policy shifts. The Trump administration's frequent trade policy adjustments have heightened economic unpredictability.


REVENUES REBOUND IN MARCH TO OFFSET LAST MONTH’S DECLINES
Eric Noggle, Revenue Manager

After falling $152 million in February, General Funds receipts bounced back nicely in March with growth of $209 million for an increase of +4.5%. This now places year-to-date receipts, with three months remaining in the fiscal year, slightly ahead of last year’s pace. The growth in March was mostly due to a strong month for the Personal Income Tax, though other gains were scattered throughout the State’s revenue streams.
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With three quarters of FY 2025 now complete, revenues into the General Funds are now $56 million or +0.1% above last year’s pace. When factoring out the $881 million in one-time receipts from FY 2024 and the $65 million in Federal Stimulus funds that trickled in to FY 2025, base revenues have risen approximately $872 million, an increase of +2.4% through March.