REC Projects Challenges to Fiscal Year 2018
December 14, 2017
The Revenue Estimating Conference (REC) announced on Monday the Legislature will likely have to cut between $45 million and $90 million for the current fiscal year budget when it reconvenes in January. The REC is projecting a budget of $7.235 billion for FY18, which is a slight decrease from previous projections. The current budget projection for FY19, which begins on July 1, 2018, is set at $7.527 billion—representing 4% growth from the FY18 budget.
Members of the REC noted revenues continue to grow, but just not at the rate previously projected. December’s estimate is especially important because Gov. Reynolds bases her budget for the next year off of the projections. The next meeting of the REC will occur in March, and the Legislature will base their final budget targets off of whichever projection is lower between the months of December and March.