September 11, 2008

Update on State Budget

Rumors are circulating that a compromise budget vote could occur tomorrow in the State Senate and, if successful, then in the Assembly later that day or Saturday. Real discussions have been happening since last week. If it happens we will provide an update as soon as more detailed information is available.

The Department of Finance has released their estimate for state revenues which is more optimistic than the State Controller’s report. The Department essentially indicates that the State is on track (less than 1% down) to have the May Revision revenue projection for 2008-09. This report confirms the May Revision reduces the difficulty for reaching a budget agreement.

~Dave Walrath

dwalrath@m-w-h.com