Contact: Jeff Chapman 

New revenue projection is $132 million lower:

The Economic and Revenue Forecast Council (ERFC) today released its revised estimate of revenue for the current biennium. Compared to the estimate released in September, revenue is projected to be $132.4 million less.

The projections released in June and September had raised expectations for reserves and revenue considerably and are only partially offset by today's release.

The original 2007-09 budget passed by the legislature and signed by the governor earlier this year was based on the March forecast. The governor's supplemental budget proposal to be released in December will be based on today's revision. Between a higher projected level of opening reserves and an improved revenue forecast, there will be a projected $631 million in additional resources in the supplemental budget.