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OMB: State closed 2023–25 biennium $176 million above estimate; early 25–27 revenues lag forecast
Summary
Joel Morrissette of the Office of Management and Budget told the Budget Section the state closed the 2023–25 biennium with a larger balance than legislators expected but that early 25–27 revenue collections are running below the forecast by roughly $49 million through August.
Joel Morrissette of the Office of Management and Budget told the Budget Section the state finished the 2023–25 biennium with a stronger balance than anticipated and a mixed start to the 25–27 biennium.
The state ended the 23–25 biennium about $116 million higher than the legislative revenue forecast used in the budget process and closed roughly $176 million above the estimate when combining higher beginning balances and lower required transfers into the budget stabilization fund, Morrissette said. He described roughly $326 million in 'turn back' — authority that was authorized but not spent and returned…
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