Budget Projections Significantly Affected By Covid-19; Nesbitt Acknowledges Tough Decisions Ahead
The annual May Consensus Revenue Estimating Conference gave lawmakers and the administration a clearer idea of what state revenues are looking like as the coronavirus rocks the state’s economy and places a strain on current and future budgets.
At the beginning of every year, and several times in the subsequent months, lawmakers, along with financial experts and economists, look at the state’s revenue and determine what the financial outlook for the near future may look like.
Revenues have seen an unfortunate but expected downturn from estimates given earlier this year.
Lawmakers are facing a more than $3 billion loss in revenue from the January estimates. When compared to early 2020 estimates, the state’s general fund is down by $1.98 billion and the School Aid Fund is down by $1.25 billion for the current fiscal year.
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