State Comptroller Susan Combs released a revised official revenue estimate for the 2014-15 biennium on Thursday, Dec. 11, 2013 projecting a surplus of $2.58 billion at the end of the biennium. That is $1.7 billion more than earlier estimates.
This revenue estimate included reducing revenue for the 2015 contingent 5% rate reduction provided for in House Bill 500, meaning it’s likely those rate reductions will happen. This means the state has more money than it can legally spend without exceeding the constitutional spending limits. The legislature would have to vote to exceed those limits in the 2015 session, a vote many legislators are reluctant to make.
Some pundits think the Comptroller is still being conservative and that the surplus will be larger.