Outlook Projection FY 2023-24

Outlook for FY 2023-24 Compared to Last Year Fiscal Year 2023-24 As Presented As Presented in 2021 Outlook Effect on Bottom in 2022 Outlook Difference Line Funds Available Balance Forward from 2022-23 Available General Revenue Trust Fund Transfers Tax and Fee Changes Total Funds Available 8,490.9 40,027.6 13,687.5 42,648.9 5,196.6 Positive 2,621.3 Positive 152.1 127.9 (24.2) Negative (130.3) (296.8) (166.5) Negative 48,540.3 56,167.5 7,627.2 Positive 15.7% Projected Expenditures Base Budget for 2023-24 36,841.6 39,022.1 2,180.5 Negative Total New Budget Drivers for 2023-24 1,900.0 1,947.7 47.7 Negative Total Projected Expenditures 38,741.6 40,969.8 2,228.2 Negative 5.8% Additional Adjustments for Reserves BSF Transfer Reserve Bottom Line 1,561.1 8,237.6 1,663.3 13,534.4 102.20 Negative 5,296.8 The effects of the stimulus-infused economy, the benefit from the greater spending on taxable goods and the first-round impact of inflation in Fiscal Year 2022-23 provided a significantly higher balance forward for Fiscal Year 2023-24 than anticipated by the 2021 Outlook. Primarily because of this, the total funds available were 15.7 percent higher than expected—a positive effect on the bottom line. The most significant negative effect is the unanticipated increase in base budget expenditures. With the new budget drivers for Fiscal 2023-24 nearly the same, the larger base budget brought into the year helped produce an overall 5.8 percent increase in projected expenditures. Overall, the bottom line is 64.3 percent higher than last year's projection. 17

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