By Christopher Casillas
The State Economic and Revenue Forecast Council released its updated March revenue report and forecast today, showing some improvements in the State’s budget for the current biennium. The revenue forecast for the current biennium has been increased by $58.8 million by the Council. This reports an improvement over the November 2012 forecast, based on an increase in likely tax collections during the current biennium. The State now predicts that revenue into its General Fund for the 2011-2013 biennium, will most likely come in at $30.536 billion. The Council noted that uncertainty remains high due to unknown economic impacts, like the federal sequestration, as well as ongoing economic crises around the globe.
