Budget Division Tamps Down Expectations
August 3rd, 2011

Tax revenue may be better than expected so far this year but the State Division of Budget doesn’t want anyone to get to excited. The just-released quarterly budget update predicts that tax receipts will be much lower in coming months.

However, the state expects to end the budget year with a $1.7 billion surplus. That bad news? A $2.4 billion deficit is expected for the 2012-2013 fiscal year. In fact the budget division expects major deficits in the next three budget cycles–$2.8 billion in 2013-2014 and $4.6 billion om 2014-2015.

By on August 3, 2011, 12:12 pm
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