Revenue Estimating Conference Predicts Growth
October 16, 2019
On Monday, the REC projected steady growth for FY20 and FY21, but suggested caution as the state’s economy continues to move forward. The three-person panel is predicting 1.4% growth over the current fiscal year for a little more than $7.966 billion in FY20. They suggested FY21 will reach 2.7% growth for state tax collections of $8.182 billion. The panel mentioned issues such as the lack of skilled workers for the manufacturing and construction sectors, trade disputes harming the ag economy and other geopolitical affairs as reasons for exercising prudence with the budget. The panel will meet again in December to provide recommendations that the Legislature and the governor will use in forming their FY20 budget proposals.