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April 29, 2013

2-year state revenues short another $60M

Legislators will need to make up another $60 million as part of the two-year budget proposal now in the works, adding to an existing $880 million budget gap.

The Morning Sentinel reported that the state's Revenue Forecasting Committee said Friday that the two-year revenue outlook now looks $60 million short of previous projections.

While the latest two-year outlook has the state $940 million in the red, the committee also reported that revenue projections for the current fiscal year ending June 30 are up $43 million, which could go toward filling that future budget gap.

The current surplus is driven mostly by personal income taxes, the paper reported, while sales, use and corporate taxes are expected to come in $37 million lower than anticipated.

For the two-year budget, Department of Administrative and Financial Services Commissioner Sawin Millett said in a prepared statement that the latest budget gap projection "is not unexpected" and adjustments to the two-year budget plan are under way.

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