ECONOMY: HIGHER FOR LONGER
Benjamin L. Varner, Chief Economist

This month’s briefing will explore changes to Fed’s economic expectations compared to their previous policy meeting. The policy makers forecast faster growth in the current year and into the next year. The outlook for employment rates improved as the expected increase in the unemployment rate in future years is not as severe as was predicted previously. However, with the improvements in the nation’s economic prospects, policy makers believe that interest rates will have to remain high for a longer time period. Despite these improvements in the outlook, the economy still faces some potential shocks which could obstruct the economy’s path to a more stable environment.


GENERAL FUNDS RECEIPTS RISE IN SEPTEMBER WITH THE AID OF REALLOCATIONS AND TRANSFERS
Eric Noggle, Revenue Manager

Revenues deposited into the State’s General Funds were notably higher, growing $441 million in September, an increase of 8.8% over last September. This increase was despite the fact that September had one less receipting day than a year ago. A comparatively strong month for State taxes and transfers boosted this month’s totals….
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Through the first quarter of FY 2024, overall General Funds revenues are $39 million above last year’s pace. This comparison, however, includes $764 million in FY 2023 Federal reimbursements that will not repeat in FY 2024. Excluding these one-time revenues, FY 2024 “base” receipts are up a noteworthy $803 million or +7.0% through September.