Fact Sheet: Revenue Estimates for FY 2010 and FY 2011 Project Further Declines

March 30th, 2010

Revised revenue estimates project additional declines in tax collections for the remainder of this budget year and into next year. Responding to economic realities, the current year general fund revenue estimate was adjusted downward by $119.4 million and the estimate for next year was adjusted downward by $112.9 million.

As a result, a fifth round of budget cuts has been announced and General Fund Revenues could decline for the third straight year. Given the challenges created by five rounds of budget cuts, a balanced approach that includes raising revenues is needed for the state to be competitive when prosperity returns.

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