Consensus Economic and Revenue Forecast: Finding Quarters in the Couch Cushions
Over the past five budget cycles, the upward revisions to revenue established at the Economic and Revenue Consensus meeting has ranged from 0.6 percent to 1.9 percent of annual state operating funds. While these numbers may seem small in magnitude, the dollar amounts are significant when compared to current cost saving measures proposed in the fiscal year 2025 executive budget. Annualized revenue adjustments average $972 million over the past 6 budget cycles (excluding 2020) compared to a proposed $454 million in school aid cuts and $600 million in cuts to the homecare program CDPAP in this year’s executive budget.