The Revenue Estimating Conference met yesterday and provided a small boost to the fiscal year 2008 revenue estimate and maintained a modest revenue estimate for FY 2009. They increased their net revenue estimate for FY 2008, from 5.1% to 6.0%. This means the state is estimated to experience an increase in revenues of $337.1 million over FY 2007, which is $48.6 million higher than their previous estimate.
The REC did not changes the revenue estimate for FY 2009 over their October estimate, which projected net revenues will increase by another 2.6%, or $156.6 million above FY 2008. This 2.6% increase is the estimate that the Governor and Legislature must use when crafting the state budget during the 2008 legislative session, which begins on January 14th.