Forecast predicts $3.3 billion shortfall in 2020-21 State budget
May 20, 2020
A forecast on how much the State has to spend — or doesn’t — rocked State lawmakers in the past week and showed that the 2020-21 State budget will be short some $3.3 billion.
It’s the largest single-year drop in State revenues in history, greater than the Great Recession and the recession that followed 9/11.
Members of the Joint Budget Committee, who are writing the State budget in the coming weeks, had little to cheer from an updated May 12 forecast.
They sought an updated forecast after one in March showed the State revenues had dropped more than $800 million between December...