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Finger People - Universal Language - Honduras

Tuesday, May 17, 2011

Upd 2/2012 #LFB estimates of revenue $636 Million rosy picture - 5/11/2011

2/2012 ... how things change ... forecast now is ~140 million deficit ... get the idea about forecasts ..

[This updated version showed up as a draft 5/17 among my posts - I think it was one of the "blogger posts" lost in the cloud that I had given up seeing again - well here it is.] 

The LFB paints a rather rosy picture for the next two years.  Timing is everything ... imagine if this had been the situation in January.  Governor Walker could not claim "we are broke."  Not many people believed him.  So now this projection is being called a "windfall".  If you click on the title a PDF file will download and you can read the six pages yourself!  Six pages and 1000's of retirements and hundreds of thousands of rally/protest hours - what do you think!

From that report -
Based on our review of the collections data and the new economic forecast, we now believe that general fund tax revenues will be higher than the previous estimates by $233 million in 2010-11, $204 million in 2011-12, and $199 million in 2012-13.  The three-year increase is $636 million, or 1.6%.  Over the three-year period, the income tax estimates have been increased by $910 million, and the sales tax and corporate tax projections have been reduced by $240 million and $68 million, respectively. Smaller revisions have been made to the estimates for other taxes.  -
 Given that eventually, if there was ever going to be an upturn, this was going to happen.  Similar reports came out in California too (last week?) ... wondered when we would get new numbers!

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