Senate Ways and Means Committee Estimated Revenues $184.3 Million Higher Than House-Projected Revenues

The Senate Ways and Means Committee, which is responsible for generating revenue projections that will be used in the Senate’s version of the State Budget, estimated revenues will remain relatively flat over the next biennium, but at a higher overall level than projected by either the Governor or the House. Revenue estimates from the Senate Ways and Means Committee forecasted $184.3 million more in revenue flowing to the General and Education Trust Funds in State Fiscal Years 2023, 2024, and 2025 combined than the House estimated, and the Committee’s estimates were $53.3 million higher than the Governor’s projections. As a result, Senate budget writers will have more resources to build their version of the budget than either the Governor or the House. All three sets of revenue projections were lower because of previously-enacted tax policy changes reducing revenues in future years.