State General Revenue Estimating Conference: “No Current Year Reductions Will Be Necessary”

December 4, 2009.

Today the General Revenue Estimating Conference met to review collections and subsequently have released their estimates this evening.

Since the August Estimating Conference, total collections for the current year have been running above expectations. In response, the Estimating Conference increased current year revenue $338.4 million. This is good news and strengthens the fact that no current year reductions will be necessary.

For the Fiscal Year 2010-11, expected revenues were increased by $312.6 million to $21.4 billion. Although not a significant increase, it does signal stable revenue collections.  However, this slight up-tick in revenue collections will still be insufficient to cover the state’s potential $1-$2.5 billion potential deficit for next year.

Additional detail on today’s estimating conference can be found at http://edr.state.fl.us/conferences/generalrevenue/grconference.htm.

If you have any questions please let me know.

Tim Jones

Chief Financial Officer

Board of Governors

State University System of Florida

325 West Gaines St., Suite 1652

Tallahassee, FL 32399-0400

850-245-9397 (Office)

850-245-9959 (FAX)

visit us at www.flbog.edu