February Budget Forecast
A Statement from Commissioner Jim Schowalter
The February budget forecast shows a projected budget deficit of $627 million for fiscal years 2014-15. This is an improvement of $463 million from the November budget forecast that showed a projected deficit of $1.1 billion.
Fiscal year 2012-13 is now projected to have a positive balance of $295 million. Current law directs $290 million to buy back the K-12 school shifts, leaving a balance of $801 million remaining. Also under current law, the residual $5 million is put towards the state’s budget reserve bringing that balance to $649 million.
The 2016-17 structural balance improves from $263 million in the November forecast to $782 million.