State revenues growing overall but budget deficit still projected

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. Thoug...