May 23, 2008
Surplus may be misleading
Although the state posted more than $23 million in revenue surplus in April, some lawmakers are saying those extra dollars don't indicate a strengthening economy.
The April numbers contributed to a $45.3 million surplus for the first 10 months of the biennial budget cycle, but members of the Legislature's Appropriations Committee were warned by state finance officials that the economic outlook was weak in the long term, according to the Associated Press.
The surplus may just be a blip: State revenue could drop in future months if discretionary spending remains low as consumers struggle with higher energy costs, the AP reported. Taxable sales were down 5% in March from the previous year.
The April numbers contributed to a $45.3 million surplus for the first 10 months of the biennial budget cycle, but members of the Legislature's Appropriations Committee were warned by state finance officials that the economic outlook was weak in the long term, according to the Associated Press.
The surplus may just be a blip: State revenue could drop in future months if discretionary spending remains low as consumers struggle with higher energy costs, the AP reported. Taxable sales were down 5% in March from the previous year.
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