The near shutdown of the state’s economy has negatively impacted General Fund revenue collections to the tune of nearly $300 million. For March, the Revenue Department reported revenue collections were $294.6 million, or 6.2 percent below estimate, wiping out the little excess revenue the state’s General Fund had built up during the first eight months of the current fiscal year. A substantial part of what will likely be a multi-billion-dollar revenue shortfall before the fiscal year concludes. Initial reports indicate that the state legislature is considering passing a 6-month budget through Dec. 31, 2020. This would allow the legislature to return in the Fall to pass another budget for the remaining six months with a better understanding of the state’s financial status.
