The May 2007 Revenue Estimating Conference projects a slight increase in revenues of $2.4 million in FY 2007 and a $102.5 million decline in FY 2008 when compared to previous Conference estimates upon which the Governor’s FY 2008 budget request was based. Combined with lower cash assistance and Medical Assistance program expenditures, the May 2007 Revenue Estimating Conference projected a general revenue shortfall of approximately $92.0 million over both fiscal years.

The May 2007 REC report is a follow-up of RIPEC’s analysis of the Governor’s FY 2008 State Budget. It presents an overview of the changes the May 2007 Consensus Revenue Estimating Conference (REC) has made to the state’s projected revenues for FY 2007 and FY 2008. The report also includes a discussion on changes the Caseload Estimating Conference made to Medicaid expenditures and to the state’s projected caseloads for certain social service programs. One should note that the report is based on preliminary data that was obtained from the REC.