Legislation passed this year could end up costing the State up to $808.8 million by fiscal 2023, according to a new report by the Department of Legislative Services (DLS).
Legislation passed during the 2018 session (excluding the operating and capital budget bills) is anticipated to result in a net decrease in general fund revenues by $319.7 million. General fund expenditures are anticipated to decrease by $184.6 million in fiscal 2019, mitigating the effects of the decreased revenue stream and resulting in a net negative impact of $135.1 million.
Interestingly, the report features a section on the costs of new State mandates on local governments. DLS counts 22 new mandates on local governments as a result of the 2018 legislative session. A “mandate” is defined as “a directive in a bill requiring a local government unit to perform a task or assume a responsibility that has a discernible fiscal impact on the local government unit[.]”
The report also lists all bills that passed which may affect local government revenues, all bills impacting local government expenditures, and whether those bills assert mandates, or not.
Interested in revenue forecasting? Find out how revenue estimating experts at the State and County levels “predict the future” at the MACo Summer Conference session, “Navigating Murky Waters: Predicting Unpredictable Revenue Streams.”
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