The Current Situation

On May 14, 2020, the Governor released his anticipated update to his proposed budget (called the May Revision) as a result of the COVID-19 pandemic and subsequent economic recession. Absent any changes, the Governor forecasts a $40.9 billion budget deficit for the fiscal year 2020-21. The Governor and Legislature must agree on the budget by June 15, 2020, and further cuts may be required once the state receives all tax receipts by July 15th (tax filing deadline delayed from April 15th as a result of the pandemic).