Revenue Estimating Conference Projects Steady Growth for FY21
March 19, 2020
The Revenue Estimating Conference (REC) met last Friday and estimates the state’s budget for fiscal year 2021, which begins July 1, will grow by 1.8% to $8.237 billion. The REC, a three-person panel that meets to provide budget recommendations to the legislature, lowered their estimates from December, but is still projecting $146 million in new money for the coming fiscal year. Members of the conference commented that at the time they had calculated their projections, impacts of the coronavirus (COVID-19) on the economy were not taken into effect because they are unknown at this point. All three members of the panel stated they would be willing to meet again should indicators flash warning signs concerning COVID-19’s impact on the economy.