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The governor's Bureau of the Budget reports that expenditures and revenues for the first half of fiscal 1994 are on track, notwithstanding a huge hole in the budget resulting from Medicaid spending.
State Comptroller Dawn dark Netsch notes that revenues grew more in the first six months of fiscal 1994 than in all of 1993. Yet, the comptroller also reports that the higher revenues weren't sufficient to offset a backlog of unpaid bills that stood at $506.5 million — $39 million more than at the same point of fiscal 1993.
Meanwhile, the legislature's Economic and Fiscal Commission released its latest revenue forecasts for the state, raising its projection for 1994 receipts by $52 million over its October 1993 report. The commission expects natural revenue growth of $617 million, or 4 percent, for fiscal 1995, a rate that its director William Hall characterizes as "average or slightly below average."
Donald Sevener
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