On March 9, 2010, the Consensus Revenue Estimating Conference revised its December 2009 forecast of state revenues only slightly, increasing the revenue estimate for the current 2009 –2010 fiscal year by $25.3 million and increasing the revenue estimate for the 2010 – 2011 fiscal year by $56.3 million.
The Consensus Revenue Estimating Conference is made up of legislative and executive branch economists. Their revenue projections determine the amount of money that can be appropriated.
Projected revenues for 2010 – 2011 remain approximately $3.2 billion short of the amount needed for a budget that continues the programs of the 2009 – 2010 budget.
The full House and Senate are expected to take up their respective budget proposals during the week of March 29, 2010.