Friday, May 30, 2008

Updated information on COR projections

House Finance revised its analysis on the Council on Revenues projections after receiving information on non-revenue tax figures and applying them to the equation.

Using 3.9% growth as a base, the lowering to 3.3% results in a loss of $14.4 million in FY08.

Using 3.5% growth as a base, which the legislature assumed, the lowering to 3.3% results in a gain of $3.9 million. (This is due to the non-revenue tax adjustment.)

For FY09, the lowering from 4.1% to 2.0% results in a loss of $122.4 million.

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