In its initial revenue forecast offered on May 26, the IFO projected that federal stimulus will have a dramatic impact on FY 2021-2022 and future budget years. FY 2021-2022 revenues will fall short of projected goals by approximately $2.152 billion. For FY 2020-2021, the IFO is projecting that the state will have slightly less than $37.96 billion to spend, as it does not include the final amount revenue that would be available, as tax refunds (normally around $1.3 billion) still have to be deducted. Additional details can be found in the full report linked below. The IFO's official revenue estimate will be released by June 22.

More Information:

• IFO Initial Revenue Estimate for FY 2021-2022