Outlook Projection FY 2023-24

Revenue Adjustments... Revenue Adjustments to the General Revenue Fund are again included in the Outlook to reflect legislative actions that alter the revenue-side of the state's fiscal picture. These adjustments are based on historic averages and include: Tax and Significant Fee Changes... These changes fall into two categories with different effects. The continuing tax and fee changes reflect adjustments to the funds otherwise available and build over time since the impact of each year's change is added to the recurring impacts from prior years. Conversely, the time-limited tax and fee changes are confined to each year and are held constant throughout the Outlook. Trust Fund Transfers (GAA)... The nonrecurring transfers to the General Revenue Fund are positive adjustments to the dollars otherwise available and are held constant each year. Unlike the budget drivers which are linked to identifiable issue areas, the revenue adjustments make no assumptions regarding the nature of the change (e.g., the specific amount by tax, fee, or trust fund source). FY 2023-24 FY 2024-25 FY 2025-26 Rec NR Total Rec NR Total Rec NR Total Continuing Tax and Fee Changes (24.0) 7.2 (16.8) (24.0) 7.2 (16.8) (24.0) 7.2 (16.8) Recurring Impact of Prior Years' Tax and Fee Changes (24.0) (24.0) (48.0) (48.0) Time-Limited Tax and Fee Changes (280.0) (280.0) (280.0) (280.0) (280.0) (280.0) Trust Fund Transfers (GAA) 127.9 127.9 127.9 127.9 127.9 127.9 Total (24.0) (144.9) (168.9) (48.0) (144.9) (192.9) (72.0) (144.9) (216.9) 15

View entire presentation