For the first time in more than a year, there was no major bad news in the state forecast of tax collections.
The state’s chief economist, Arun Raha, projects the state will collect $122 million less in taxes than had been forecast between now and June 2013.
But state officials say that’s expected to be offset by a drop in caseloads – the number of people using state services, such as health care for the poor.
Simply put: The existing $2 billion crater in the state budget has gotten no deeper.
In an economic report earlier this month, Raha indicated things had seemed to level off, saying, “Two months have passed since the September forecast, and nothing has gone off the rails.”
But he also noted at the time, “It is premature to stop worrying about the future.”