The Department of Revenue Monday reported state revenues for the current FY 2016-17 fiscal year fell $537 million below estimates in April bringing the year-to-date state deficit to over $1.2 billion, worse than projected earlier.  The best estimate now is the deficit-- current and next year-- will total at least $3 billion.

On January 26, the Independent Fiscal Office estimated the FY 2016-17 deficit would be $912 million, but that included $524 million in supplemental appropriations, which the current numbers do not.  The estimated deficit for FY 2017-18 was then projected to be just over $2 billion.

The best estimate now is the deficit-- current and next year-- will total at least $3 billion.

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State Budget Deficit For Current Year Now Tops $1.2 Billion, So Far

IFO Cuts FY 2016-17 Revenue Estimate By $695M, Confirms $1.2 Billion Deficit

[Posted: May 2, 2017]

5/8/2017