GENERAL FUND REVENUE REPORT & ECONOMIC OUTLOOK
Highlights
• The first two months of the fiscal year continue the trend
established in the last quarter of FY 2008-09 with negative
year-over-year growth in the economy-based taxes.
• The May consensus forecast anticipated an additional 1%
decline for 2009-10 in General Fund revenues (-1.7%
baseline).
• FY 2008-09 General Fund revenues were $3.22 billion below
the $20.85 budgeted amount. The fall in revenues represents
an unprecedented 10.8% decline over the previous year.
• The latest expectations are that the recession is over, but it
will continue to feel like we are still in a recession as current
economic conditions show little sign of recovery. These
conditions are expected to persist through this fall and well
into 2010.
