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Revenue situation – about $500 million under the amount of revenue expected for the current year - DOR testified before the House Budget Committee last week and attributes the shortfall to an error in the withholding tables.

We think there are likely a few things happening:

•Bulk of shortfall is likely due to the tables, but also
•Federal employees and contractors not being paid – over 4 week period significant impact on economic growth
•Lots of tax changes between state and federal government since 2014, creating some uncertainty and volatility in budgeting

Why it’s important – Governor relies on $516 million in expected revenue in the current year to be carried over and most of it used in FY 2020