State revenue forecasters have revised projections downward for the next two years by $14 million total, an expected loss that lawmakers will have to address in an upcoming supplemental budget.
State Tax Assessor Jerome Gerard, chairman of the revenue forecasting commission, said the revised projections took into account lowered expectations for income taxes and rising prices of oil, according to Capitol News Service. The reprojections follow dismal January revenue figures that were nearly $40 million under projections.
Finance Commissioner Sawin Millet said he is drafting a supplemental budget to be unveiled next month that will include cuts and other savings to offset the expected revenue shortfall.
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