The latest monthly report from the General Assembly’s Fiscal Research Division finds that state revenues through February were just $45 million below projections for the first eight months of the fiscal year, which may lead you to think that state revenues are finally stabilizing and the worst of the state budget problems may be over.
Don’t believe it. The revenue figures, like much of the news about state finances, are much worse than they appear. The state is $45 million short even after receiving $272 -million more than expected this year from a program of collecting past-due corporate taxes.
