Budget – COGFA Report
COGFA reduces State revenue forecast by $657 million. Many State tax revenues streams are earmarked for general funds used to fund key budget areas such as education, public safety, and social services. The Commission on Government Forecasting and Accountability, the General Assembly’s nonpartisan budget forecasting arm, reported to the legislature this week on trends in
State revenues that will affect the reminder of FY17, ending June 30, 2017, as well as the approaching FY18 (starting July 1, 2017). COGFA uncovered patterns of modest year-over-year gains, or even declines, in many categories of revenue that are closely tied to overall State economic activity. Areas of weak or absent revenue growth included individual income taxes, corporate income taxes, sales taxes, public utility taxes, cigarette taxes, and corporate franchise taxes.