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Joint Fiscal Office updates Education Fund outlook; holds 5.9% illustrative property-bill estimate
Summary
The Joint Fiscal Office on Jan. 23 presented an updated Education Fund outlook that incorporates the Emergency Board's January revenue forecast and changes in fiscal year 2025 appropriations, saying non-property revenues for the Education Fund are lower than the July forecast while the illustrative uniform average property-bill change remains 5.9%.
The Joint Fiscal Office on Jan. 23 presented an updated Education Fund outlook that incorporates the Emergency Board's January revenue forecast and changes in fiscal year 2025 appropriations, saying non-property revenues for the Education Fund are lower than the July forecast while the illustrative uniform average property-bill change remains 5.9%.
The outlook “can be thought of as the operating statement for the Education Fund,” Julia Richter of the Joint Fiscal Office said as she opened her presentation. The update reflects the Emergency Board's January consensus forecast for non-property revenues and adjustments from the governor's biennial appropriations act.
Richter told the Ways & Means Committee the economists' January consensus forecast reduced the Education Fund's non-property revenue projections by about $6,600,000 for fiscal 2025 and about $5,100,000 for fiscal 2026 compared with the July forecast. She said property-tax revenue…
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