by Coy Holcombe.
Yesterday, the state comptroller, Susan Combs, released the revenue estimates for the 2012-2013 biennium. Overall, the comptroller estimates that the state will take in about $77.3 billion during the biennium. Of this amount, approximately $800 million will go to the rainy day fund and another $4.3 billion will be needed to offset the budget shortfall for the 2010-2011 biennium. That will leave about $72.2 billion for the 2012-2013 biennium.
Depending on the source, estimates on the budget deficit for the 2012-2013 biennium range between $15 billion and $27 billion. Last session, the legislature established an $87 billion budget. Using that figure, would put the deficit at $15 billion. However, other groups are saying that in order to provide comparable services today and to accommodate expansion, it will take a $99 billion budget. With that thinking, comes the $27 billion deficit.
Attached to this entry is the comptroller's report on expected revenue. While it is a rather lengthy document, I encourage everyone to take some time and go through it. For the most part, it is straight forward.
The coming legislative session will be challenging for all those involved. As information becomes available, I will pass it on.