Spring forecast shows only short-term reliefHigher oil prices add just 10 months to end of state’s budget reserve fund; $416 million settlement with BP included in budget reserve Kristen Nelson PNA News Editor
Higher oil prices of the past several months and the forecast of above-normal prices for the next year will reduce the short-term draw on the state’s budget reserve fund, Revenue Commissioner Wilson Condon said April 12 in releasing the Department of Revenue’s spring forecast.
“Long term, however,....
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Constitutional Budget Reserve to run out in 2004 New oil will be one-quarter of production by FY 2005
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