State Revenue Estimates Revised Downward
October 26, 2017
The state revenue estimating conference (REC), the three-member panel that meets to project state revenues available for the budgeting process, met last Thursday. It downgraded its March revenue estimate by about $130 million from about $7.36 billion to a little more than $7.23 billion.
The legislature will start the 2018 session needing to pay back $124 million in reserve funds used to cover budget shortfalls this year. The REC will meet again in December to update projections. The December estimates are important because the Governor and the legislature use those to make budget decisions for the next fiscal year.