For the first time in recent memory, the economic forecast that was released today had a more positive story to tell. Due to corporate and individual income tax collections that came in higher than expected, the state budget is approximately $35.1 million ahead of where the General Assembly had originally planned for.
Governor Ritter’s economic team reported that although the news was positive, there would not be any attempts to reverse any of the cuts in the current fiscal year’s budget that ends in June, or reinstate any of the tax credits and exemptions that were removed earlier this year. They also stressed that although it looks as if the economy may be starting to recover, it would be a long process.
The economic forecast being released today starts the process of debating next year’s budget. Stay tuned for updates regarding the debate on the 2010 Long Bill, which is expected to be introduced in the next couple of weeks.