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CREC adopts revised revenue estimates; general fund and school aid fund forecasts revised upward
Summary
State fiscal staff agreed on updated revenue forecasts and conference principals adopted the estimates by voice vote; Treasury reported FY 2024 collections about $276 million above May targets, driven by stronger withholding.
Department of Treasury and the House and Senate fiscal agencies presented updated economic inputs and revenue forecasts at the Consensus Revenue Estimating Conference and reached consensus on updated revenue estimates that principals adopted by voice vote.
Presenters Eric Busses (Department of Treasury), Ben Gichak (House Fiscal Agency) and David Zinn (Senate Fiscal Agency) reviewed the five largest revenue sources that together make up roughly 90% of combined general fund and school aid fund receipts: income tax withholding, income tax (quarterlies/annual), sales and use taxes, corporate income tax (CIT) and the state education tax. Treasury staff reported preliminary FY 2024…
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