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FACT SHEET: Revenue Projections

On Monday September 22, Legislative Council Staff released the quarterly Economic and Revenue Forecast, 2008-2012. The news was not great. The staff is now projecting less General Fund revenue in each year of the four year period than they anticipated in June. But the most significant news was the reduction in FY 08-09 revenue. This reduction is particularly newsworthy since it will result in reductions to the legislatively approved budget for FY 08-09. In fact, the announcement prompted Governor Ritter to impose a hiring freeze and to suspend several capital construction projects that were in the works.

The estimates project growth in general fund revenue in the last three years of the forecast period. However, those revenue increases assume an optimistic rebound in FY 09-10 for individual (8%) and corporate income (16.5%) taxes. We should not be surprised if the December estimates are adjusted downward further.

Released Oct. 6, 2008

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