The
May Revenue Estimating Conference took place Thursday, and as expected, the
result will likely complicate budget discussions during coming weeks.
The
Department of Treasury, House Fiscal Agency, and Senate Fiscal Agency have
projected revenues for the 2013-2014 fiscal year to be $317 million below what
was projected in January - $253.2 million less in the General Fund, and $63.7
million less in the School Aid Fund.
For
the 2014-2015 fiscal year, projections were revised downward from January
estimates as well, by $299.1 million - $220.5 million in the General Fund and
$78.5 million in the School Aid Fund.
If
the estimates hold true, revenue in the current 2013-2014 fiscal year would
actually drop as compared to 2012-2013; however, in 2014-2015, even with the
downward adjustments announced today, overall revenue would still increase by
4.1 percent.