The nonpartisan Legislative Fiscal Bureau (LFB) has just released updated revenue estimates that show, due to “unprecedented” collections in April and May, that it now expects $4.4 billion more revenue coming to the state than previous estimates done in January. From the LFB Memo:
“The increase in general fund tax collections in 2021, particularly in the months of April and May, is unprecedented. Based upon the strength of collections and the vastly improved economic forecasts for the remainder of this year and the next two years, our analysis indicates that for the three-year period, aggregate general fund tax collections will be $4,427.4 million above those of the previous estimates.”
This could be a game-changer and certainly a legitimate reason for the Joint Finance Committee to revisit their K-12 spending plan. Stay tuned.