The May Consensus Revenue Estimating Conference (CREC) was held May 16. This conference included the State Treasurer, Budget Director, and the House and Senate Fiscal analysts. These principals presented the agreement reached for the economic and revenue figures for the remainder of Fiscal Year (FY) 2018 and for the upcoming 2019 and 2020 fiscal years.
For FY 2018, General Fund revenue is projected at $10.46 billion, an increase of $155.9 million from estimates in January. FY 2018 School Aid Fund (SAF) revenue is now estimated at $13.24 billion, an increase of $159.5 million from January. Combined, General Fund and School Aid estimates are up approximately $315 million for FY 2018.
The significant growth is attributed to increased income and sales tax collection in FY 2018, which far exceed the rates estimates from January. As the budget process continues, the House and Senate will have extra dollars available to spend. Many have speculated where the money will go but it has been largely reported this week that the Governor and House Republican Leadership are in agreement that roads, school safety, paying down debt and the Budget Stabilization Fund are the priorities. MASA will continue to push for these dollars heading toward K-12 purposes.
The State’s Executive summary and consensus revenue agreement can be found here.