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State budget office reports preliminary figures showing modest surplus and mixed revenue signals
Summary
Budget staff reported a finalized beginning balance of about $1.329 billion and preliminary projections that could leave the biennium with roughly $382 million, while November revenues were about $20 million below forecast with individual income tax down ~15%.
Chairman Heggert called the Government Finance Committee to order and Joe Morrissette of the state budget office presented an updated look at the general fund and special funds.
Morrissette said the biennium began with a finalized beginning balance of roughly $1.329 billion—about $176 million higher than estimates during the legislative session—and that, after accounting for updated revenues, the state could finish the biennium with an ending balance near $382 million. "That number is still higher than the number that…
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