Revenue collections 'on track' with budget forecast

Mar 8, 2018

The new director of the Office of Management and Budget had what he called "good news" for the Legislature's interim Government Finance Committee.

"I'm happy to say my first official report as director of OMB contains good news," Joe Morrissette told the Committee. "We are continuing to track very closely to our Legislative revenue forecast."

Morrissette has been on the job since March First. He replaced Pam Sharp, who retired. He told the Committee revenues exceed the May, 2017 forecast by about 1.7 percent since July first, the start of the new fiscal year.

Morrissette told the Committee the state is on track to finish the upcoming biennium with $112 million in the bank.

"Of course, based on current law, $65 million will saty in the General Fund and be carried over," Morrissette said. "The other $47 million would go into the Budget Stabilization Fund."

The 2017 Legislature virtually drained the Budget Stabilization Fund to help balance the budget.

Other funds of interest:

-The Legacy Fund has a balance of nearly $5.8 billion;

-The Foundation Aid Stabilization Fund currently has $438 million. The Legislature also tapped into that fund to make sure aid to local schools wasn't reduced;

-The Strategic Investment and Improvements Fund Has $265 million -- but has $374 million committed.

Morrissette told the Committee these are all preliminary numbers, as of Feb. 28th -- and they may change a bit once final collection totals are in.