Economists slated to present updated revenue forecast; $2 billion to $3 billion expected to be cut from 2020-21 budget
May 13, 2020
This week, State economists will present an updated forecast on State revenues that are expected to result in major cuts to the State budget.
The talk has been that the forecast will show the State short $2 billion to $3 billion for the 2020-21 budget. It will be the largest cut in the State budget in history, easily dwarfing the recession years after 9/11 and the Great Recession.
And those cuts will come largely from about one-third of the State budget, the portion known as general fund. That’s revenue from individual corporate and income tax and sales taxes.
The State budget is ma...