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.