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Understanding the Accuracy of Revenue Estimates for FY 2012

Last year, both the House of Representatives and the Senate initiated a “new” budget process by adopting General Funds revenue estimates that established limits on aggregate appropriations for FY 2012. The two chambers approved different sets of revenue estimates, however. House Resolution 110 was based on estimates from the Governor’s Office of Management and Budget (GOMB), while Senate Joint Resolution 29 was derived from the Commission on Government Forecasting and Accountability (CGFA). The competing revenue estimates were never reconciled, and the Senate ultimately passed the appropriations bills that had originated in the House.

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