Monday, October 27, 2008

New Revenue Projection Expected Wednesday

Forget Halloween. This may be the scariest news of the week. The State Council on Revenues will meet on Wednesday, October 29th at 2:00 p.m. On the agenda are two forecasts:

Total Personal Income Forecast
General Fund Revenue Forecast

The current general fund revenue forecast for this year, fiscal year 2009, is at 1% growth. At this projection, the state budget director said last week that the state faces a $155.4 million shortfall.

Should the Council lower the revenue projection, that will mean an additional $50 million for each percentage point, up or down.

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