2023-25 Executive Forecast
The 2021-23 Executive Forecast for the General Fund is expected to exceed the revised Legislative Forecast (the original forecast revised to reflect changes made during the November 2021 special legislative session) by over $1 billion or 20%. This growth is primarily due to higher sales tax and individual income tax collections.
The 2023-25 Executive Forecast shows a slight decrease from the 2021-23 Executive Forecast. The decrease is attributed to proposed changes that will affect individual income tax and motor vehicle excise tax collections. Individual income tax changes include the Governor’s income tax relief proposal, which will reduce individual income taxes by $500 million over the next two years, as well as a proposed expansion of the state automation tax credit program. The change to motor vehicle excise tax collections is a proposed redirection of a portion of those revenues from the General Fund to the Department of Transportation Highway fund to offset declining gas tax revenues and match federal highway funds.
Click here for a printable version of the revenues compared to the legislative forecast.
Click here for a printable version of the revenues compared to the previous biennium.
Comments or questions? Contact Joe Morrissette, Office of Management and Budget Director.