• June 20 2016

FY 2017 Conference Committee: The Impact of FY 2016 Tax Revenues

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With just days left in the fiscal year, tax revenues currently stand at $310 million below benchmark for FY 2016. This shortfall creates major challenges for ending the current fiscal year in balance and calls into question the accuracy of the tax revenue projection used to build the FY 2017 spending plans put forward by the Governor, the House and Senate. As the FY 2017 Budget Conference Committee meets to develop a consensus FY 2017 budget, it’s important that the final budget reflects the recent softening of the state’s tax revenue landscape.