Here’s the key takeaway from today’s revenue forecast.
- The net forecast change for the 2013-15 biennium was an increase of $106.2 million. Forecasted GF-S revenue for the biennium is now $33.653 billion, which is 9.8% higher than collections in the 2011-13 biennium.
- The net forecast change for the 2015-17 biennium was an increase of $309.3 million. Forecasted GF-S revenue for the biennium is now $36.758 billion, which is 9.2% higher than forecasted revenue in the current biennium. Forecasted revenue for the 2017-19 biennium is $40.200 billion, an increase of $443.2 million.
Revenue growth of 9.2 percent is very good.
Adding together the increase for 2013-15 and 2015-17 you get $415.5 million in new money. That’s better than many had been expecting. And it should be enough to get budget negotiations on track.
