November 19, 2008
Houston, We Have a Problem
In blogging live right now listening to the meeting of the state’s Revenue Forecast Council in Olympia.
Dr. Arun Raha, the state’s chief economist just announced that the state revenue forecast is being adjusted downward by $1.9 billion over the next three years. That’s right, I said $1.9 billion.
This is comprised of a loss of about $500 million in the current fiscal year which ends next June 30th, an another reduction of $1.4 billion in forecasted revenue for the 2009-11 biennium.
The expected budget deficit for 2009-11 has just pushed past the $5 billion mark. I hope to have more later.