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Votes at a glance: Advisory Board adopts fiscal forecasts for FY2025–FY2027
Summary
The Economic Forecasting Advisory Board voted to adopt revenue forecast totals for the next three fiscal years and approved category estimates; votes were recorded by roll call and carried.
The Economic Forecasting Advisory Board voted to adopt revised revenue forecast totals and category estimates for three fiscal years during its meeting.
The board approved the following totals by unanimous roll call:
- Fiscal year 2024–25: $6,435,000,000 (total general fund forecast adopted)
- Fiscal year 2025–26: $6,955,000,000 (total general fund forecast adopted)
- Fiscal year 2026–27: $7,025,000,000 (total general fund forecast adopted)
Each adoption was made by motion, second and a recorded roll call. Board members recorded voting "Yes" in each roll call; no "No," abstentions or recusals were recorded on these final total votes.
The board also adopted category estimates (sales and use tax, individual income tax, corporate income tax, and miscellaneous receipts) for each fiscal year during the same meeting; those category motions were made and approved before the board adopted the total for the year. Board members asked that staff incorporate April 15 filings and final payments into the April update to confirm whether the individual income tax categories require revision.
Notes on procedure: motions were made from the floor, seconded, and carried by roll call. The meeting transcript records the repeated roll‑call confirmations of "Yes" for the members present.
Ending: Staff will present updated figures at the board’s April meeting, where the board expects April filings to clarify the net effect of pass‑through entity credits and elevated refund activity on the adopted estimates.
