CREC Finds $429 Million For Coming Fiscal Year

The new targets and the budget deal described above were largely possible because of $428.7 million in “new” money. The Senate Fiscal Agency, House Fiscal Agency and the Department of Treasury agreed at Monday’s Consensus Revenue Estimating Conference (CREC) that the state will see a total of nearly $430 million more than expected by the end of the 2011 fiscal year - $296.3 million in General Fund revenues and $132.4 million in School Aid Fund Revenues.

The CREC also predicted a $498.6 million climb in revenue for the 2012 fiscal year - $356.9 million to the General Fund and $141.7 to the School Aid Fund. The yet-to-be signed new state business and individual tax structures; however, represent an estimated cost of $535.2 million.

A rise in Medicaid caseloads to more than 2 million will require increase spending in additional predictions, bumping the cost by $86.5 million in the current fiscal year and $55 million more for FY 2011.

posted by PAA Online , Friday, May 20, 2011 10:05 AM
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