This Year’s Budget Deficit Still $163 Million, Says Nonpartisan Fiscal OfficeFebruary 27, 2018
The estimated budget deficit is $43 million better than January, but the budget's still projected to be $163 million in deficit for fiscal year 2018.
The state’s budget deficit for fiscal year (FY) 2018 – ending on September 30, 2018 – is projected to be $162.7 million, or almost one percent of what the state originally planned to spend in FY 2018.
That’s according to a new report from the nonpartisan Office of Fiscal Analysis (OFA), which released its February estimate for the FY 2018 budget on Monday.
It’s a better picture than OFA’s January estimate, which had the budget $206 million in deficit.
The current projected deficit of $162.7 million is an improvement relative to last month’s projected deficit of $206.1 million. Total spending is projected to be $25.6 million less than last month’s projection primarily due to improvements in state employee and retiree health accounts. Additional FY 18 revenues of $17.8 million result from recent elimination of the FY 18 to FY 19 transfer that was budgeted.
Still, it’s a big hole for the state to fill, with just three or so months left before the end of the legislative session and a busy campaign season for legislators after that.
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