Economic seers up frequency of projections
The state's economic forecasting group is increasing the number of predictions it makes to better track the recession.
The Consensus Economic Forecasting Commission, a panel of experts, will begin providing quarterly predictions instead of twice a year, according to Statehouse News Service. The decision came about after an annual meeting between the commission and the state's Revenue Forecasting Committee, which uses the forecasting commission's predictions to determine how much tax revenue will come to the state. "We're shifting to quarterly forecasts because in the current economic situation, you just can't see it at the annual level," Charles Colgan, chair of the forecasting commission and a professor at the University of Southern Maine's Muskie School of Public Service, told the news service.
Actual revenues have consistently fallen below predictions since last year, forcing the Legislature to revise its budgets. Since the 2010-2011 biennial budget began July 1, revenues have fallen about $20 million a month below predictions, according to the news service.
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