Revenue Estimating Conference Meets

The Revenue Estimating Conference met yesterday, Thursday, March 11, and announced new revenue projections that show a slight improvement for the current and upcoming fiscal year.  But lawmakers say it’s not enough to give them the boost they need to make up for budget shortfalls.  In the current fiscal year, lawmakers will have $900,000 more at their disposal than last projected in December.  This is down $682.4 million from the fiscal year that ended June 30, 2008, and $531.9 million less than the past fiscal year.  In FY 2011, the state will have an additional $33.1 million, less than a 1% growth from the current year and still a nearly 11% decrease since 2008.  Lawmakers don’t plan on spending the extra money, but instead, adding it to the state’s cash balance.