Tax collections for the April 11 through May 10 period were off by $19.5 million according to a new report released today by the state Economic and Revenue Forecast Council. You can find it here.

Here's the good news. After adjusting for legislative changes and non-economic factors, the month produced the first year-over-year revenue growth since September, 2008. Revenue during this period was 2.3 percent higher than it was for the same period in 2009.

The bad news is that since the February forecast, revenue collections have fallen $69.3 million short of projections.

Otherwise, the report indicates that broad economic data suggests the state economy "has turned the corner and is expanding at a moderate rate." Employment grew by 6,600 jobs in the first quarter, housing permits are exceeding expectations and, while construction continues to lag, manufacturing and consumer spending appear to be rebounding.