The Revenue Estimating Conference (REC) met on October 13. That is the body that estimates incoming revenue for the current and upcoming fiscal years. You may recall that we ended the last fiscal year, ending on June 30, with an ending balance of $305.5 million, in spite of the virus. Also, our reserve funds, together commonly called the Rainy Day Fund, are full as required by law. That money is available to fund any supplemental appropriations that are needed, for fiscal 2021. The new revenue estimate for fiscal 2021, that ends June 30, 2021, is $7,911.2 million, a slight ($18.9 million) decrease from the 2020 revenue.
Our current fiscal year 2021, is projected to end with a balance of $390.9 million, before any supplemental appropriations. The REC estimates supplemental appropriations of $228 million, mostly going to Medicaid, needed to fund the new contracts just entered into.
For fiscal 2020, that begins July 1, 2021, the REC estimates revenue of $8,230.8 million, an increase of $319.1 million compared to the fiscal 2021 figure. Hopefully we will be in more normal times by then.
The REC will meet again in December and can revise these figures if they think it is necessary. The December figures are the ones the Governor will use in making her budget recommendations in January when the legislature reconvenes. The REC will meet again in March and we are required, by law, to use the lower of the December or March estimates in putting together our budget for the fiscal 2022 fiscal year.
I will continue, as I have in the past, advocate for spending restraint, so we can avoid a deficit if something unforeseen happens to reduce our revenue below the estimate. I am in a good position to do that, since I serve on the Appropriations Committee and chair one of the Budget Subcommittees.
Interesting Polls
The Gallup Poll says that 56 percent of Americans expect President Trump to win the November election over Biden, while 40 percent think Biden will win. The breakdown by party is 90% of Republicans, 56% of Independents and 24% of Democrats, believe Trump will win.
Also, according to Gallup, Americans say they are better off now than they were 4 years ago by a margin of 56% to 45%. The poll involved a sample of 1,023 residents of all 50 states, apparently not necessarily registered voters.
As you know, most polls show Biden with a lead when people are asked which candidate they will vote for.
Bidens Exposed?
By now you have probably seen or heard about the computer that Hunter Biden apparently brought in to a computer shop in Delaware, for repairs and never picked up. The computer contains numerous e-mails, some of which purport to show that Joe Biden knew of his son Hunter’s relationship to the Ukrainian energy company Burisma, that hired Hunter to serve on its board, at a salary of at least $50,000 per month. One e-mail purports to be a thank you from Vadym Pozharskyi, “an advisor to the Board of Burisma” thanking Hunter for setting up a meeting with Joe. Joe has claimed that he had not discussed Hunter’s job with him. Though the Biden campaign has said there is no official record of a meeting, they have admitted that an informal meeting could have taken place. If you are interested in the story, you can find information online.
