Long-Term Budget Outlook Update
February 11, 2025 | Economics and Other
The IFO updated its baseline deficit projections based on new spending data from the Executive Budget. The revised projections are $3.5 billion (24-25), $6.0 billion (25-26) and $6.9 billion (26-27) under current laws and policies. If the projections hold, then the General Fund surplus would be depleted in 25-26 and the Rainy Day Fund in 26-27.