Massachusetts has generated about $1.8 billion from a voter-approved surtax on the state’s highest earners within the first nine months of the fiscal year, according to a quarterly report from the Department of Revenue.

The amount is $800 million more than what the legislature and Governor Healey had expected from surtax revenue for the entire fiscal year of 2024. The excess funds are expected to be allocated to specific accounts designed for education and transportation once the fiscal year concludes.

“We’re not going to know for sure until the comptroller determines it in December, but we are on track to see excess ‘Fair Share’ revenues in the $800 [million] to $1 billion range,” Senate budget chairman Michael Rodrigues said during remarks on the fiscal 2025 budget on the Senate floor. That money, he said, “will be statutorily deposited into a reserve fund for use by all of us to appropriate at a future time into one-time capital investments into education and transportation.”

The latest quarterly surtax report from the Department of Revenue comes as a relief to budget-makers, who have faced pressure due to underperforming state tax collections for most of fiscal year 2024.

Despite new controls and mid-year spending cuts implemented by the governor, tax revenues lagged behind expectations until April, when an unexpected surge provided a boost of optimism. However, officials cautioned that these tax dollars might not directly contribute to the annual state budget.

The third-quarter report from the Department of Revenue indicates that Massachusetts is collecting significantly more money from the 4 percent surtax on personal income above $1 million than initially projected.

“This is exciting because it’s the first concrete evidence that ‘Fair Share’ revenue is exceeding initial projections,” a spokesman for the Raise Up Massachusetts campaign, which advocated for the surtax, Andrew Farnitano, told WGBH. “These numbers show that the commonwealth has nearly $2 billion in collections with a few months remaining. This means even more funds will be available for critical transportation and public education needs in Massachusetts.”