March 9th, 2021 by WCBC Radio

The Board of Revenue Estimates voted today to slightly decrease the revenue projections for Fiscal Year 2021 by 0.004 percent to $18.8 billion, representing a $779,000 decrease from the December estimates. Additionally, the Board revised the projection for Fiscal Year 2022 to $20.1 billion, representing a 1.5 percent increase, or $299 million change, from the previous estimates.  Due to emergency legislation and veto overrides, today’s revenue estimates actually represent a 2.3 percent increase for FY21 and a 2.4 percent increase for FY22, or $424.0 million and $473.3 million, respectively. The largest share of the difference is directly attributable to the extraordinary amounts of federal stimulus that have been received as a result of the relief bills passed by Congress and the anticipation of a third stimulus package later this month. 

The direct consumer impacts as well as the macroeconomic impacts have provided a significant benefit to State revenues and accelerated the economic expansion.