State Treasurer Robert J. Kleine, Senate Fiscal Agency Director Gary S. Olson, and House Fiscal Agency Director Mitchell E. Bean today reached agreement on economic and revenue figures for the remainder of the current 2008 Fiscal Year and for FY 2009, which begins October 1st.
Net Fiscal Year 2008 GF-GP revenue is now projected to be $9.164 billion, $82 million below estimates from the January revenue conference. Net FY 2008 SAF revenue is up over the prior estimate by $22 million, now totaling $11.375 billion. Net GF-GP revenue for the 2009 Fiscal Year is now estimated at $8.885 billion, down $309 million from January with net FY '09 SAF revenue forecasted to be down nearly $163 million from prior estimates.
"Our forecast in January called for a weak economy for the foreseeable future" said State Treasurer Robert J. Kleine. "However, the rapid run up in oil prices, combined with continued turmoil in the financial markets, and a depressed housing market appear to have pushed the national economy into recession."
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