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State economist: updated revenue forecast shows little change; risks remain
Summary
State economist Tom Cravat told a joint Appropriations and Ways & Means hearing that the January revenue forecast shows minimal change from July, with most major funds varying by roughly 1% or less, while flagging provider‑tax effects, corporate refund volatility, and national data gaps as risks.
Tom Cravat, the state economist, told the joint hearing of the House Appropriations Committee and the House Committee on Ways & Means on Jan. 16 that the office’s updated revenue forecast shows ‘‘one of the least amount of change from the last forecast we did of any that we’ve done in the last 30 years.’’ He said no major fund deviates by more than roughly 1% between the January and July forecasts for fiscal 2026–29 and staff are not proposing drastic changes to the outlook.
Cravat walked members through…
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