The State's quarterly revenue forecast was released this morning with continued economic growth and increases in tax collections which are producing major increases in available revenue for the state budget.
Projected ending balance revenue from the previous budget cycle increased by $118 million while corporate taxes are projected to increase by another $56 million.
All told, available resources for the current 2019-21 budget cycle increased by $166.8 million as a result of this morning's forecast.
The General Fund/Lottery budget now stands at $24.936 billion.
Other items of note:
- The State has now accrued a record $2.738 billion in reserve funds that can be used to offset revenue losses during a recession.
- There is no projected personal income tax "kicker" projected yet for the
2019-21 budget cycle.
- Talk of a recession has diminished. Continued economic growth is projected over the next year.
You can find the official forecast projections here: