2010-11 CONSENSUS ECONOMIC AND REVENUE FORECAST REPORT RELEASED

The New York State Division of the Budget, Assembly Ways and Means Committee, and Senate Finance Committee today jointly released the 2010-11 Consensus Economic and Revenue Forecast Report.

The report acknowledges that differences exist between the parties, but, for the purposes of budget discussions, all parties agree that the weaker economic outlook reached in economic consensus should result in a decrease in receipts of $850 million through the end of 2010-11, when compared with the amount projected in the Executive Budget.

Under State finance law, prior to March 1, the Director of the Division of the Budget, the Secretary of the Senate Finance Committee, and the Secretary of the Assembly Ways and Means Committee must issue a joint report containing a consensus forecast of the economy and estimates of receipts. Today's report fulfills that statutory responsibility.

A link to the report is available here: http://www.budget.state.ny.us/pubs/press/2010/econRevForecastConf/2010-11ConsensusReport.pdf.

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