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of revenue except for the insurance premiums tax and individual income tax refunds contributed to the deficit; however, collections of individual non withholding accounted for most of the shortfall. . The interim forecast reduces revenue from what was included in the Appropriation Act by $859. 5 million in fiscal year 2015, as growth falls from 5. 2 percent in the official forecast to now 2. 7 percent. The interim forecast also conservatively projects total revenue growth of 2. 7 percent in fiscal year 2016 compared with 4.
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My finance team and I will immediately begin to put together a p.
1 percent in the official forecast. This is a reduction of $1. 1 billion. When the changes in the interim revenue forecast are combined with the revenue shortfall carried over from fiscal year 2014 of $438 million, the total revenue shortfall for the three year period is nearly $2. 4 billion. The total shortfall breaks down to Adidas Shoes Expensive
about $1. 3 billion in the first year and $1. 1 billion in the second year. In anticipation of this pending shortfall, the General Assembly wisely created budgetary reserves totaling $846 million in the current Appropriation Act.
And I thank them for that effort. When these reserves are combined with an additional $705 million that could be withdrawn from the Revenue Stabilization Fund during the two year period, the total amount available to address the shortfall Adidas Shoes Amazon is about $1. 55 billion. Since the total shortfall in the new interim forecast is now projected to be $2. 4 billion, there is a difference of $882 million between this new re forecast and the other previously enacted reserves of $1. 55 billion. Of this amount, $346 million will have to be found in fiscal year 2015 and $536 million will be needed in fiscal year 2016. . The General Assembly can enact changes to fiscal year 2016 when it returns to its 2015 legislative session since that fiscal year will not begin until July 1.
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