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House revenue update: one‑time $42.4M boost in FY2003, ~$21M ongoing in FY2004, per Rep. Bigelow
Summary
Representative Bigelow told the House a new estimate shows a one‑time FY2003 revenue increase of about $42.4 million and an ongoing FY2004 increase near $21.0 million, but cautioned the uptick will not resolve the state's budget challenges.
Representative Bigelow interrupted House debate on Feb. 17 to distribute updated revenue estimates and summarized the committee’s findings: a one‑time revenue increase for fiscal year 2003 of roughly $42.4 million and an estimated ongoing increase of about $21.0 million for fiscal year 2004.
Bigelow said several factors underlie the revision, including a shift in employment (from an earlier negative 0.8 percent to a positive 0.8 percent year‑over‑year change), improved withholding, stronger corporate franchise receipts and a one‑time boost from inheritance tax receipts. He told members the details were prepared by a committee that had just completed deliberations and that more information would be provided.
"We have extra beyond what we had planned, dollars $42.4 million," Representative Bigelow said while distributing the white one‑page revenue estimate. He warned that the increases "will not solve all of our problems" and that budget discussions and tradeoffs would continue.
Members asked for the assumptions behind the forecast; Bigelow reiterated the broad drivers — improved employment and withholding, corporate receipts and one‑time items tied to the holiday season — and said more detailed figures would follow from the committee.
