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Special Report of VRT & CO. <br />Page 6 <br />STATE REVENUE AND REVENUE FORECASTING <br />Total State Revenue for the 1981 -83 biennium was originally forecasted (January, 1981 <br />Proposed Budget) to increase by 27% over the previous biennium. This forecast was made <br />(and used) in spite of a 3 %_increase in (fiscal year) F.Y. 1980 over F.Y. 1979. This <br />original forecast proved to be a major part of the ensuing budget problem. As calendar <br />time progressed, it became more and more evident that these forecasts were too high. <br />Actual and estimated State Total Revenue from F.Y. 1979 to F.Y. 1985 Estimated are as <br />follows: <br />F.Y. June 30, <br />1979 - Actual <br />1980 - Actual <br />1981 - Actual <br />1982 - Actual <br />1983 - Actual <br />1984 - Estimated <br />1985 - Estimated <br />Amount <br />(In 1,000's) <br />$ 3,235,082 <br />3,333,343 <br />3,473,125 <br />3,871,579 <br />4,338,271 <br />4,977,622 <br />5,123,306 <br />% Change <br />3.04% <br />4.19 <br />11.47 <br />12.05 <br />14.74 <br />2.93 <br />The above amounts include the 10% personal income surtax from July, 1982 through <br />December 31, 1983 and the increase in State sales tax from 4% to 5% effective July, 1981 <br />and to 6% effective January, 1983. <br />Detailed information related to State Revenues over the past five years and pro- <br />jected to F.Y. 1984 is presented later in this Report. See Exhibits A through E in the <br />Statistical Data Section of this Report. <br />