As the General Assembly prepares to reveal its budget plan for FY 2013, the State’s Bureau of Revenue Estimates has released its latest forecast for state revenues, necessitating a write-down of some $130 million in reduced funding for the coming year’s budget.

Click here to see the formal report.

The bad news arises from the income tax, where a reduced forecast of over $100m for each of FY 2012 and FY 2013. Some better than anticipated returns from corporate income taxes and sales taxes have blunted these losses, but the total write-down across the two year period (all falling to the bottom line for the FY 2013 budget being contemplated) of approximately $130 million.