Senate Finance Committee
Senator Carl Kruger, Chair
Senator Liz Krueger, Vice-Chair
Joseph F. Pennisi, Secretary to the Finance Committee
Prepared by Senate Finance Committee, Office of Fiscal Studies
Michael J. Laccetti, Director of Fiscal Studies
Mary C. Arzoumanian, Deputy Director of Fiscal Studies
Gopa Barua, Forecaster
James Hugger, Forecaster
Lei Liao, Forecaster
The Senate Finance Committee reviewed and analyzed the economic and revenue projections contained within the Executive Budget for SFY 2010-11. Based upon Global Insight’s February economic forecast, the Senate Finance Committee projects $403 million in General Fund revenues (inclusive of miscellaneous receipts, lottery receipts, and transfers) below the Executive Budget forecast for SFY 2010-11. This decrease is in addition to the estimate for the remainder of SFY 2009-10, which is $340 million less than the Executive estimate. Therefore, the two year General Fund receipts forecast is $743 million below the Executive’s projections.
The full report is attached below as a pdf file.