Wednesday, March 2, 2011

Sunny With A Chance of $155 Million

The Consensus Economic and Revenue Forecast Report is out and the conclusion is that the state will end the next fiscal year with $155 million more in revenue than projected by Gov. Andrew Cuomo's budget.
This number is about $300 million less than the Senate anticipated and about $200 million more than was estimated by the Assembly, with the variations based on differing opinions about economic growth.
According to the Consensus Report, the outlook for the economy and revenue generated have improved, but remain shrouded in ambiguity. It argues that the greatest risk to the consensus forecast are conditions in the labor and financial market, with Wall Street representing the largest source of volatility in state tax collections.
No word yet on whether the governor's 30 day amendments on Thursday will take into account this funding, but Comptroller Tom DiNapoli is just happy that this big first step was taken, as he suggested that it signaled the state could pass a responsible budget on time.

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