REC Meets Tomorrow
May 28, 2020
The Revenue Estimating Conference (REC) will hold a special meeting tomorrow afternoon to provide new budget projections the Legislature will use to construct the FY21 budget. The REC most recently met in March, but that budget projection did not include any forecast or accounting for the economic effects of the coronavirus. COVID-19 has taken a hit on state tax collections across the country, which will mean a tighter budget for the new fiscal year. Expect an update on this in next week’s newsletter.