OFM releases 4-year budget outlook

Judging from the initial budget numbers being projected for 2013-15, the first legislative session for the next Governor will look a lot like the past few legislative sessions: focused on realigning state spending within forecasted revenue. According to numbers released today by the Office of Financial Management (OFM), budget writers are anticipating $1.5 billion more in revenue to help write the 2013-15 budget. This expected revenue increase is based on the state's June Revenue forecast which was adopted with the caution that there is a 40% chance that this increase could be wiped-out depending on economic developments in Europe and actions (or lack thereof) in Congress . . . READ MORE