State economist Arun Raha and his staff at the Economic and Revenue Forecast Council have been signaling this for the last two months as state revenue collections have soured. But seeing it in black and white makes it clear that the next quarterly forecast will add to the state's budget problems.
The preliminary forecast is reviewed by the Governor's Council of Economic Advisors on Sept. 2 and both reports go into the actual forecast of revenue that will be presented Sept. 15 to the state revenue forecasting council made up of legislators and the governor's budget director and revenue director. But while the report directly effects state revenue, it also predicts general economic conditions that will be felt by everyone in the state.
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