State Treasurer Andy Dillon, House Fiscal Agency Director Mary Ann Cleary and Senate Fiscal Agency Director Ellen Jeffries announced numbers late last week representing their agreement for upcoming revenue projections.
For the current fiscal year that ends September 30, 2012, projections for both the General Fund and School Aid Fund were increased from May 2011 estimates. The General Fund was increased $278 million due mostly to expected increases in income tax collections. The School Aid Fund projections were increased $138.3 million.
With regard to the 2012-13 fiscal year projections, the three fiscal officials estimated no increase in General Fund revenues, placing the number at $9 billion. The School Aid Fund is projected to see a small increase in revenue to $11 billion, approximately 2.7 percent higher. The $20 billion total estimate is about 1.5 percent higher than current fiscal year totals.
While the good news at the Revenue Estimating Conference was somewhat restrained, the State Budget Director indicated that the Administration will be preparing a supplemental in coming weeks to spend the $457 million remaining following the closing of the State’s 2010-2011 fiscal year last September 30.
Budget Director John Nixon, CPA, said that the Governor would be making the request as a portion of his February 9th 2012-13 budget presentation and focusing on “key areas” such as Medicaid caseloads and state employee union contracts.