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Senate receives updated revenue projection: $8.7M one-time gain now, but FY94 shows small shortfall
Summary
Senate fiscal staff reported a revised revenue estimate on Feb. 15: an $8.7 million one-time increase available in the current fiscal year, but a projected $3.3 million decline in the general fund for FY1993'94. Senators were advised to hold current budget figures and use minor adjustments to preserve supplemental capacity.
Senate analysts briefed members on updated revenue estimates on Feb. 15. The floor was told that stronger-than-expected Christmas sales pushed the current fiscal year'end general fund up by about $11 million in sales-tax receipts but that declines in other receipts net to roughly $8.7 million in one-time money available for the year ending June 30, 1993.
Looking ahead, analysts projected a decline of approximately $3.3 million in the general fund for fiscal 1994 (July 1, 1993'June 30, 1994). Together with changes in the Uniform School Fund, McAllister reported a combined decrease of roughly $1,138,000 between the two primary funds.
Senator McAllister recommended keeping current budget assumptions in place, using a 2% shift and a 1% reduction in planning so committees could continue to evaluate roughly $20 million in projects under consideration. He also noted a $600,000 increase in the transportation fund and urged appropriation committees to proceed under the same analyst figures rather than reduce current budgets further.
The figures were distributed to caucuses and lawmakers were urged to review the written materials in committee.
