Betsy Russell reports: Wondering where the state’s finances stand? The Division of Financial Management recently revised its fiscal year 2013 General Fund revenue forecast downward by $29.6 million to $2.6077 million; add that to the state’s beginning balance for fiscal year ’13, which started July 1, and there’s $36.1 million more available than the estimate used by the Legislature this year to set the FY 2013 original appropriation. Included in the revisions: Impacts of law changes, including a $35 million permanent tax cut for corporations and top earners.
The revised forecast is 3.2 percent above actual collections in fiscal year 2012. The state still must cover costs for fires, pests and hazardous material incidents that occurred last year, but even after that, there’s an estimated ending balance for FY 2013 of $31.8 million. That’s $27.3 million higher than what lawmakers expected at the close of this year’s legislative session – in other words, if the forecast holds, it’s a surplus.
Although July state tax revenues came in slightly below the forecast, at $3.4 million below, revenues still are tracking higher this year than last year – $10.1 million higher. The Legislature’s monthly General Fund Budget Monitor report lays out the numbers; you can read it here.
