State revenue projections rise slightly

The state’s Revenue Estimating Conference raised its forecast by $178 million today, a welcome development that nonetheless has little impact on the $1.6 billion shortfall legislators will face in the upcoming session. The forecast projects an extra $112 million this fiscal year and $66 million for 2011-12, although some of this year’s money could be rolled into next year’s budget. “We’ve knocked [the $1.6 billion deficit] down a whole $66 million,” says Greg Albrecht, chief economist with the Legislative Fiscal Office. “It doesn’t amount to much in that context.” Gov. Bobby Jindal is expected to present his recommended budget Friday. Albrecht says the conference adjusted its oil-price forecast from $72.43 a barrel to $84.65 this year and $84.68 next year. Sales and income tax receipts are beating projections, he says, which reflects an improving economy coming out of the recession. —David Jacobs