By Lisa Spinelli, News9.com
The State Treasurer's monthly revenue funds budget for February was overspent by millions, read a statement from the treasurer's office.
"We got faster refunds this year than in years passed, so it threw us off a little on the monthly estimate," said Deputy Treasurer Tim Allen.
The statement showed the office undershot the general revenue fund collections by 8.2 percent or $26.9 million.
The number of tax payers filing their tax returns electronically this year was a lot higher than those e-filing last year, said Allen.
The treasurer's office paid out a total of $142.3 million in state tax returns this February. The office collected $79.6 million in net and personal income tax for February. The amount of refunds were underestimated by nearly a third, said Allen.
A high number of refunds paid to state tax payers, coupled with less personal and net income tax taken in than projected, created the deficit, read the statement.
There is nothing to worry about, said Allen, the tax filers will all get their money back in time and the state is actually saving money on the yearly budget.
"We're not anywhere near to having to cut back on anything," said Allen.