Joint Fiscal Office revenue update: general fund above forecast but multiple economic risks flagged — tariffs, consumer confidence, tourism and federal tax/Med‑

Summary

Patrick Titterton of the Joint Fiscal Office told the committee the general fund is tracking above forecast through March and highlighted several economic risks — new federal tariffs and uncertainty in global supply chains, a sharp drop in consumer confidence, movements in bond and currency markets that raise borrowing costs, and possible changes

Patrick Titterton of the Joint Fiscal Office provided a state revenue update, reporting where major funds stood through March and outlining near‑term risks that could affect revenues.

Titterton reported that through March the general fund had collected “about a little under $1,700,000,000,” tracking roughly 2.3% above the consensus forecast, which translates to nearly $40 million above forecast so far for the fiscal year. He said the Education Fund non‑property revenues were roughly on target and the Transportation Fund lagged slightly, about 1% below forecast in dollar terms. Personal income and corporate income tax collections accounted for much of the general‑fund overage.

Titterton spent the bulk of his time describing macroeconomic and policy developments that could affect those collections going forward. He flagged a set of federal tariff announcements and postponements and described how tariffs can raise costs for businesses and consumers, and create planning uncertainty that can reduce…

Joint Fiscal Office revenue update: general fund above forecast but multiple economic risks flagged — tariffs, consumer confidence, tourism and federal tax/Med‑

Summary

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