Compared to the last quarterly revenue forecast released in November, the general fund revenue for the 2011-13 biennium is up by $96 million, now sitting at about $30.3 billion, according to a new report issued this morning
Coming on the heels of news that lower than expanded demand for state services will produce $340 million in savings, the state’s anticipated budget shortfall now drops to $855 million.
This is the first positive revenue forecast since June, 2010. You can find media coverage here and here.
You can find the new forecast here, produced by the state’s Economic and Revenue Forecast Council. Legislative leaders now have all the numbers they need to draft their rewrite of the underlying two-year budget.