According to news reports here and here, the anticipated savings from last week’s lower than expected caseloads forecast have grown from about $200 million to $340 million.
In plain speaking terms, there is a bit less demand for some state services than previously expected. The news reduces the state’s billion-dollar-plus budget shortfall.
And tomorrow, the state’s Economic and Revenue Forecast Council is scheduled to release its quarterly projections for state tax collections. That represents the last chance for the budget picture to brighten before the Legislature issues its rewrite of the underlying two-year budget.