The Revenue Estimating Conference (REC) met on Friday and boosted state revenue projections for 2008 and 2009. The Legislature uses the REC estimates to craft the state budget.
For Fiscal Year 2008, the REC increased estimated growth from 6.0% to 7.2%, which is $415.9 million more than the state received in FY 2007. This new estimate is $78.8 million higher than their estimate in December 2007.
For Fiscal Year 2009, the REC estimates the state will collect $6.189 billion, which is $127.9 million more than is anticipated in FY 2008. This new estimate is $49.1 million higher than the REC estimated in December 2007.