The Council on Revenues voted to keep thier General Fund revenue projection at minus 2.5. That's the same level as their December 2009 forecast. But the Council lowered its future projection due to signs of a slower economic recovery for the state. Council on revenues Chair Paul Brewbaker explains.
The timing of refunds refers to Governor Linda Lingle's plan to defer tax return payments until after July 1st... the start of the next fiscal year. That delay would result in a $275-million dollar plus-up for this year's budget and would likely result in another delayed refund payment for the next 2010 tax cycle.
House Finance Committee Chair Marcus Oshiro said the Legislature is questioning the Governor's $275-million dollar deferral and hopes to address it this session.
Oshiro also said the lowered 2011 forecast will result in an additional $50-million dollar shortfall... making the total deficit this year and next... $1.25-billion dollars. The Council on Revenues net general fund forecast is scheduled for May 27th.
Thursday, March 11, 2010
Friday, March 12, 2010