General Revenue Forecast
Last conference held: October 15, 2001
Source: Office of Economic & Demographic Research
Executive Summary
The Revenue Estimating Conference convened on October
15, 2001 to reevaluate the revenue estimates for the current and upcoming
fiscal years. The new estimate of General Revenue collections for the
current fiscal year was reduced by $644.3 million. This reduction, when
combined with the reduction from the estimating conference held September
15, amounts to $1317.5 million less than the original estimate used to
develop this year's appropriations act, a 6.6% reduction. The Conference
also reduced the revenue estimate for fiscal year 2002-03 by $783.5
million. This reduction, in addition to the September reduction, brings
the new General Revenue estimate for FY 2002-03 to $19492.5 million. A
summary of changes
to the estimate is available in Acrobat .pdf format, as well as
the conference
workpapers.
With regard to the combined General Revenue/Working
Capital Fund fiscal position for the current fiscal year, the new
estimate, when combined with other funds available, leaves a yearend
projected deficit of $928.5 million. This position does not take into
account reserve funds of $940.9 million in the Budget Stabilization Fund.
The Legislature will be meeting in special session beginning October 22 to
address the deficit situation. For the 2002-03 fiscal year, the new
estimate of total funds available is $19595.2 million, or $695.0 million
less than the original FY01-02 appropriation. The combined General
Revenue/Working Capital Fund financial
outlook statement incorporates all of the above changes, and
will be revised in the future to incorporate the special session actions
which are implemented to address the revenue shortfall.
2001 Session Law Changes- There were two
significant legislative actions affecting tax laws. The major change was a
reduction in the intangibles tax rate. In addition, the sales tax holiday
on clothing was passed for another year, with an expansion to include
school supplies. A table showing the amounts of the tax
law changes with regard to General Revenue is available.
A combined General Revenue and Working Capital Funds retrospect for FY 1999-2000 and FY 2000-2001 is also available for viewing in Acrobat
format.
RESULTS
OF OCTOBER 15, 2001 REVENUE ESTIMATING CONFERENCE |
