FY 2013 revenue to the General Fund from all sources through February 2013 is $132,147,164 above the estimate used by the legislature in creating the FY 2013 state budget. A year over year comparison of revenue collections shows that FY 2013 revenue year-to-date is $105.8-million (3.8%) above the same period in FY 2012.
Recent months have shown significant increases in revenue collections over what was expected. Thus far in FY 2013 (July 1, 2012 – June 30, 2013):
– February 2013 collections were $30.1-million above estimate
– January 2013 collections were $21.2-million above estimate
– December 2012 collections were $20.9-million above estimate
– July through November 2012 total collections were $59.7-million above estimate
In the two most recent fiscal years, total revenue collections came in well above what had been budgeted:
– FY 2012 actual revenue to the General Fund from all sources was $268,039,435 above estimate
– FY 2011 actual revenue to the General Fund from all sources was $114,127,518 above estimate
Despite this obvious trend of increased revenue, the Joint Legislative Budget Committee’s state support budget recommendation for FY 2014 (presented in December 2012) is $30-million less than what was actually appropriated in FY 2013.
In the K-12 budget approved by the House and Senate in the current 2013 legislative session, the amount allocated to MAEP for FY 2014 is $300-million below the level deemed “adequate” by state law. Overall, schools have lost $1-billion in the last five years due to budget cuts.
A conference committee will negotiate the final FY 2014 budget for K-12, with a deadline of March 30 for filing the conference report and April 1 for adoption of the conference report.