State revenues for the current and next fiscal years were revised slightly upward at the Consensus Revenue Estimating Conference (CREC). The consensus revisions indicate an increase from the January 2026 CREC. For the current fiscal year, the combined state General Fund and School Aid Fund estimates were increased by $307 million (1.2%) and estimates for the fiscal year beginning Oct. 1 are projected to be up by $173 million.
CREC establishes an official economic forecast of major variables of the national and state economies, as well as a forecast of anticipated state revenues. Economists from the House Fiscal Agency, Senate Fiscal Agency and state Department of Treasury presented their economic and revenue forecasts for fiscal years 2025-26, 2026-27 and 2027-28. CREC sets the revenue estimates for the governor and the Legislature as they work to finalize the upcoming FY 2026-27 state budget, as well as projects sales tax revenue for constitutional revenue sharing.