revenue

Revenues are ahead of last year’s collections, but behind the forecast legislators used in the state budget.

The state budgeting process began with a $335 million oopsie, and while it may have been resolved, a potentially much larger fiscal crisis looms: the Trump administration.

Stimulus money from the federal government has helped fill the state piggy bank, and income tax also rose steeply after the pandemic, according to recent budget reports.

The Revenue Interim Committee voted to move forward with a revenue estimate for the next three years, predicting about $3.5 billion coming into the state general fund each year.

The bill would have taken 80% of the state’s surplus and set it aside in the state-controlled trust fund that would accrue interest over time.