Last Thursday, the Assembly and the Senate released their respective revenue forecast reports for thestate’s upcoming fiscal year.
The Assembly’s Economic and Revenue Report projects $552 million more in revenue than the Governor projects. The Senate’s Economic and Revenue Report estimates that the state will collect $498 million more than the Governor has projected.
The release of these reports is a key step in the budget adoption process. The next step is the Governor and the two houses of the Legislature reaching agreement on a state revenue projection, which is the amount that the state can spend in the state’s 2016-17 fiscal year. We expect that to happen in the near future, which is an indication that we will be seeing another on-time state budget this year.