A&F Secretary Leslie Kirwan made it official today, "further revising" anticipated FY '09 revenue down another $952 million. The budget was based on an original estimate of $21.402 billion, which was reduced to $20.302b in October, which sent Patrick out whacking $1.4b out of the budget. The new number is $19.450b.
That's the loss of state tax revenues; other small items bring the new estimated shortfall to $1.1 billion.
Tomorrow the legislature debates giving Gov. Patrick power to cut that $1.1b from the budget.
Even more sobering, Kirwan and the Ways & Means chairs (DeLeo and Panagiotakos) announced their concensus FY10 revenue estimate -- the figure from which they will build the coming year's budget. It's $19.53b -- in other words, barely more than what this year's budget is now estimated at, after the $2b reduction.
"It is likely the Commonwealth will continue to experience a downturn through FY10 and possibly longer," they write. I'm sure we'll hear more from Patrick Thursday night.