The Independent Fiscal Office Thursday released new revenue estimates which for FY 2013-14 is $608 million less than earlier estimates and for FY 2014-15 is $990 million less than previous IFO estimates resulting in nearly $1.6 billion less revenue than anticipated earlier, according to director Matthew Knittel.
The IFO estimates for FY 2013-14 are $569 million less than the Governor’s estimate and for FY 2014-15 were $778 million less than the Governor’s estimates resulting in a nearly $1.35 billion less revenue than anticipated, according to director Matthew Knittel.
By statute, the office issues an initial revenue estimate by May 1 and an updated revenue estimate by June 15. Click Here for more details and reaction.
