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Continue Reading Take Me to More NewsTwo months into fiscal year 2025, the state is reducing its revenue estimates.
Mark Muchow, deputy secretary for the Department of Revenue, told members of the Legislative Joint Standing Committee on Finance Monday that revenue for the year is expected to be nearly 8 percent lower than estimated in the spring.
That is a difference of $446 million compared to original estimates. The higher numbers were used to create the current fiscal year’s budget.
Muchow explained that several factors are contributing to the reduced estimate. They include:
The state ended the 2024 fiscal year with a budgetary excess of $632 million dollars.