State revenues growing overall but budget deficit still projected
Last updated 10/1/2020 at 9:23am
First the good news. Unlike during the great recession, state revenue is still increasing overall during the COVID pandemic. According to the September revenue forecast:
“Forecasted Near GF-S revenue for the 2019-21 biennium is now $50.022 billion, 8.6% higher than 2017-19 biennial revenue, and forecasted Near GF-S revenue for the 2021-23 biennium is $53.737 billion, an increase of 7.4% over expected 2019-21 biennial revenue.”
The bad news of course, this revenue growth is less than what lawmakers assumed when adopting the 2020 supplemental budget resulting in a projected budget deficit...