Revenue shrinks (a bit less than expected)

From the May revenue announcement:

The Office of State Budget Director reported today that May’s General Fund receipts were down 2.7 percent compared to May of last year. Total revenues for the month were $617.4 million, compared to $634.3 million during May 2008. Through the first 11 months of the fiscal year, receipts are down 1.7 percent.

The official revenue estimate calls for a 2.1 percent decline for the entire fiscal year. To meet the revenue estimate, receipts would need to decline 6.0 percent or $52.1 million, over the last month of the fiscal year compared to June, 2008.

To review the story to date:

• The 2008-09 budget was written using based on forecasting general fund revenue to grow compared to 2007-08.
  
• The November forecast said revenue would shrink by 2.1 percent.
• This report saying revenue shrank by 1.7 percent for the year.
• In short, the decline is both bad and not quite as bad as the forecasting group predicted.