Looking ahead, the Revenue Estimating Conference cautioned these collection figures could be short-lived—as the flow of federal dollars slows and people impose personal budget constraints to meet rising costs. The Conference’s updated forecast expects the collection figures to have a moderate negative growth rate, -2.9%, in FY2022-23 over FY2021-22, before stabilizing and climbing again in FY2023-24. At FY 2021-22 appropriations levels, there is an expected carry-over of $11.3 billion into the coming fiscal year.
This $11.3 billion, coupled with an estimated $39.2 billion in collected revenue, gives the legislature approximately $50.5 billion in available General Revenue funds for FY2022-23. Early appropriations estimates range from $37.0 billion from the General Revenue Fund (per the Governor’s recommended budget) to $39.2 billion in the initial House Appropriations package and $41.7 billion in the Senate, though these figures are subject to change. |