The state's Emergency Board meet in the Governor’s Ceremonial office on Thursday to review the updated revenue forecast for FY2024 and updated projections for FY2025. The state economists noted that while inflation is high the state has not experienced a recession and the economy is still growing.
Looking at Revenues for FY2024, they found that with the continuing modest economic growth that the General Fund revenue projection should be adjusted up $29.3M. The non-property tax revenue projection in the Education Fund increased 9.7% and Transportation Fund projection is down $5.1M.
For FY2025, the General Fund projection only increased $10.2M and the Education Fund is forecasted to see a $9.3M increase. In the meantime, the Transportation Fund is downgraded $6.4M.