IFO Releases Initial Revenue Estimates for FY 2020-2021
Tuesday, May 26, 2020
In its initial revenue forecast offered on May 26, the IFO projected that response efforts to the COVID-19 pandemic will have a dramatic impact on economic growth for CY 2020 and 2021. FY 2019-2020 revenues will fall short of projected goals by approximately $3.9 billion, including impacts from COVID-19 mitigation efforts. For FY 2020-2021, the IFO is projecting that the state will have about $36.1 billion to spend, an increase of $4.3 billion compared to the current fiscal year, assuming no other changes to programs or funding sources. Additional details can be found in the full report linked below.
The IFO's official revenue estimate will be released by June 22.