Yesterday, the non-partisan Legislative Fiscal Bureau (LFB) released updated revenue estimates indicating the state will end the 2017-19 budget cycle with an estimated ending balance of $928.7 million, $312.2 million higher than had been forecast earlier.
That is positive news as the additional revenue could be used to increase state aid to schools. However, because most of the additional $753 million in state revenue will be collected in the current fiscal year that ends June 30, achieving such aid increases will require strong advocacy from school leaders, parents and other education proponents.
In a memo to the JFC Co-Chairs, the LFB said: “Based on our review of collections data and the economic forecast, we now believe that general fund taxes will be higher than the previous estimates by $592 million in 2018-19, $68 million in 2019-20, and $93 million in 2020-21. The three-year increase is $753 million, or 1.5%.” Continue reading New state revenue estimates up sharply, but increase is mostly one-time money